Senate Bill 17, entitled
the Residential Mortgage Loan Servicer Registration Act, requires the
registration of servicers of Texas residential mortgage loans.
A residential mortgage loan
servicer is defined as a person or entity who a) receives scheduled payments from
a borrower under the terms of a residential mortgage loan, including amounts for
escrow accounts; and b) makes the payments of principal and interest to the
owner of the loan or other third party and makes any other payments with respect
to the amounts received from the borrower as may be required under the terms of
the servicing loan document or servicing contract.
Although 3rd party debt
collectors are implicitly included in this bill, there are exemptions from the
registration fee and bonding requirement provided the applicant:
- collects delinquent consumer
debts owed on residential mortgage loans;
- does not own the residential
mortgage loans for which the applicant acts as a residential mortgage loan
servicer; and
- is a 3rd party debt collector
that has filed a bond in compliance with Chapter 392.
Should you have any
questions or issues concerning this matter or should you wish to engage
Cornerstone Support's assistance in obtaining specific state licenses or
registrations, contact a Cornerstone Support licensing consultant today at
770-587-4595 or e-mail us at info@cornerstonesupport.com.
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