Assessment of H.B. 10 – Mortgage Lending
H.B.10 is mandated by the Federal Secure and Fair Enforcement Mortgage Licensing Act of 2008 and additionally adopts the Texas Secure and Fair Enforcement. The Bill was enacted into law on June 19, 2009, creating new licensing and education requirements for “residential mortgage loan originators”, in which they have to meet and/or exceed certain national standards that are in compliance with the SAFE Act. H.B. 10 exempts all attorneys from all standards and requirements who represent any client that is in association with a residential mortgage loan unless the attorney offers or negotiates the terms of loan through a mortgage loan application.