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In the state of Texas, what kind of license do I have to have in order to be a loan officer?

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ry7759 Joined: 24 Mar 2009 Posts: 1 1.27 Dollars($)	Posted: Tue Mar 24, 2009 10:45 am    Post subject: In the state of Texas, what kind of license do I have to hav Like 0 Dislike 0 In the state of Texas, what kind of license do I have to have in order to be a loan officer?...I am presently a real estate broker-since 1984-and considering the possibility of becoming a mortgage broker-in order to facilitate sellers/buyers contracts.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Mar 25, 2009 12:41 am    Post subject: Like 0 Dislike 0 You will have to apply for Texas Mortgage Broker License. You should have 30 hours of education if you have been licensed in the past as a Texas Loan Originator. If you do not have a loan originator's license in Texas, then you'll have to take 90 hours of education. The Texas Mortgage Broker License will cover the 1st mortgages in Texas and any 2nd mortgage with an interest rate of less than 10%. If you are planning to offer 2nd mortgages with greater than 10% rates, then you must also obtain the Texas Regulatory Lender License through the Office of Consumer Credit Commission (OCCC). You should note that individuals can apply for the Broker License, but they must be affiliated with a company that is also licensed.

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