Texas Net Branch – Loan Officer and Branch Licensing Update
Net Branch Update for Texas – Big changes for mortgage loan officers and branch managers As Texas completes the transition to the NMLS.
The Texas Department of Savings and Mortgage Lending issued a statement about the departments new rules for considering information in a loan officers credit report as part of the application process.
The department could deny a loan officer license if you have any of the following on your credit report.
- Bankruptcies filed within the last 10 years;
- Current outstanding judgments (except judgments solely as a result of medical expenses);
- Current outstanding tax liens or other government liens;
- History of and current collection accounts;
- Foreclosures within the past three years;
- Three or more accounts more than 90 days past due;
- Multiple Social Security Numbers attached to the individual’s name;
- Consumer provided comments;
- No credit history for the individual;
- Credit items the individual is appealing, if noted in the report; and
- Outstanding child support.
According to the memo credit scores will not be part of the decision but the department “may look at systemic, long-term financial irresponsibility as a reason to further investigate the information received before a final licensing decision is made. No single item listed above will serve as grounds for ineligibility, but several will cause further investigation and each decision will be made on a case by case basis.”
To read the memo CLICK HERE and read “Credit Check Processing through the NMLS – February 2010″
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