Uniform State Test: The OCCC has adopted the NMLS Uniform State Test, effective October 1, 2013. The SAFE Act requires mortgage loan originators to pass the test before they can be licensed through NMLS. The Uniform State Test replaces the previous national and state tests. For more information, please contact the OCCC at (512) 936-7612, or visit the NMLS Resource Center.
SAFE Act Professional Requirements (Sept. 2009)
Home Equity Loan Advisory Bulletins
Home Equity Loan Modification Bulletin (April 2009)
Home Equity Regulatory Commentary (October 1998)
Note: This commentary has been replaced by interpretations adopted at Texas Administrative Code, Title 7, Chapters 151–153. It is provided here for historical purposes.
Home Equity Loan Disclosures:
Consumer Disclosure: Home equity lenders must provide loan applicants with a copy of this disclosure.
Spanish Consumer Disclosure: If discussions with the borrower are conducted primarily in Spanish, then OCCC licensees may use this Spanish version of the consumer disclosure. Additional Spanish disclosures are required for certain loans made under Chapter 342 of the Texas Finance Code. See Texas Administrative Code, Title 7, Chapter 90, Subchapter G.
12-Day Waiting Period: The Texas Constitution requires a 12-day waiting period before a home equity loan can be closed. The 12-day period begins after the borrower has filed a loan application AND received the required consumer disclosure. For example, if the potential borrower submits an application on Monday, but doesn't receive the consumer disclosure until Wednesday, then the 12-day waiting period would begin on Wednesday. Once the waiting period has passed, the loan can be closed.