1 | P a g e | © copyright 2024/2025 | Grade A+
UST TEXAS Questions & 100% Correct
Answers
The Finance Commission is responsible for the oversight and coordination of
the
✓ ~~> 1. Department of Banking,
✓ 2. Office of the Consumer Credit Commissioner and
✓ 3. Department of Savings and Mortgage Lending.
✓ - oversees reguluation of mtg professionals
A commissioner's designee is
✓ ~~> an employee of the Department, performing his assigned duties,
or any other such person as the Commissioner may designate in writing.
A designee is deemed to be the Commissioner's authorized personnel
or representative.
The Mortgage Industry Advisory Committee
✓ ~~> advises and assists the Commissioner in proposing and adopting
rules related to the mortgage lending industry. The committee is
comprised of six members, each serving a three-year term, appointed
by the Commissioner.
Master01 | September, 2024/2025 | Latest update
, 2 | P a g e | © copyright 2024/2025 | Grade A+
Each of the members must be of the Mortgage Industry Advisory Committee
must be:
✓ ~~> - under the regulatory authority of the Department;
- actively engaged in the business of originating, brokering or funding
residential mortgage loans at the time of appointment; and
- primarily engaged in the business of originating, brokering or funding
residential mortgage loans for at least two years prior to appointment.
All six members must be licensed as residential mortgage loan originators,
with two also holding an active real estate broker or salesperson license
issued under Chapter 1101.
Enforcement Authority of the Commissioner (Fin. Code §180.201, -.203)
To administer and enforce the mortgage laws of Texas, the Commissioner is
authorized to:
✓ ~~> deny, suspend, revoke, condition or decline to renew the license
of a residential mortgage loan originator.
impose discipline for a violation of the Act by:
ordering the payment of restitution;
imposing an administrative penalty;
issuing a cease-and-desist order; and/or
Master01 | September, 2024/2025 | Latest update
, 3 | P a g e | © copyright 2024/2025 | Grade A+
enjoining a violation of the mortgage laws and rules.
in consultation with the Finance Commission, adopt rules for:
conducting background checks; and
the payment of fees for initial licensure and renewal.
establish a relationship or contract with the NMLS to collect and maintain
records and process fees related to licensed residential mortgage loan
originators and others regulated by the Act. (Fin. Code §180.252)
utilize the NMLS as a channeling agent for exchanging information with the
U.S. Department of Justice, any governmental agency or any other source as
directed by the regulatory official.
Authority of the Finance Commission (Fin. Code §156.102, §157.02015)
The Finance Commission is authorized to adopt rules necessary to:
✓ ~~> ensure compliance with the RMLC.
participate in and/or transition to the NMLS and carry out the intentions of
the federal SAFE Act.
administer the Recovery Fund (the Fund).
standardize the maintenance of books and records a licensee is required to
keep, including the location at which the books and records must be kept.
Master01 | September, 2024/2025 | Latest update
, 4 | P a g e | © copyright 2024/2025 | Grade A+
prohibit false, misleading or deceptive practices by mortgage licensees.
However, the rules may not restrict competitive bidding or advertising by
residential mortgage loan originators by restricting:
the use of any medium for an advertisement;
the personal appearance or voice of a person in an advertisement;
the size or duration of an advertisement; or
a residential mortgage loan originator's advertisement under a trade name.
(Fin. Code §156.105; §157.011)
The Finance Commission is also charged with creating standard forms for
preapproval or prequalification of a loan applicant and adopting rules
requiring licensees to use the forms.
NMLS Responsibilities of the Commissioner
Confidentiality (Fin. Code §180.062).
Master01 | September, 2024/2025 | Latest update
UST TEXAS Questions & 100% Correct
Answers
The Finance Commission is responsible for the oversight and coordination of
the
✓ ~~> 1. Department of Banking,
✓ 2. Office of the Consumer Credit Commissioner and
✓ 3. Department of Savings and Mortgage Lending.
✓ - oversees reguluation of mtg professionals
A commissioner's designee is
✓ ~~> an employee of the Department, performing his assigned duties,
or any other such person as the Commissioner may designate in writing.
A designee is deemed to be the Commissioner's authorized personnel
or representative.
The Mortgage Industry Advisory Committee
✓ ~~> advises and assists the Commissioner in proposing and adopting
rules related to the mortgage lending industry. The committee is
comprised of six members, each serving a three-year term, appointed
by the Commissioner.
Master01 | September, 2024/2025 | Latest update
, 2 | P a g e | © copyright 2024/2025 | Grade A+
Each of the members must be of the Mortgage Industry Advisory Committee
must be:
✓ ~~> - under the regulatory authority of the Department;
- actively engaged in the business of originating, brokering or funding
residential mortgage loans at the time of appointment; and
- primarily engaged in the business of originating, brokering or funding
residential mortgage loans for at least two years prior to appointment.
All six members must be licensed as residential mortgage loan originators,
with two also holding an active real estate broker or salesperson license
issued under Chapter 1101.
Enforcement Authority of the Commissioner (Fin. Code §180.201, -.203)
To administer and enforce the mortgage laws of Texas, the Commissioner is
authorized to:
✓ ~~> deny, suspend, revoke, condition or decline to renew the license
of a residential mortgage loan originator.
impose discipline for a violation of the Act by:
ordering the payment of restitution;
imposing an administrative penalty;
issuing a cease-and-desist order; and/or
Master01 | September, 2024/2025 | Latest update
, 3 | P a g e | © copyright 2024/2025 | Grade A+
enjoining a violation of the mortgage laws and rules.
in consultation with the Finance Commission, adopt rules for:
conducting background checks; and
the payment of fees for initial licensure and renewal.
establish a relationship or contract with the NMLS to collect and maintain
records and process fees related to licensed residential mortgage loan
originators and others regulated by the Act. (Fin. Code §180.252)
utilize the NMLS as a channeling agent for exchanging information with the
U.S. Department of Justice, any governmental agency or any other source as
directed by the regulatory official.
Authority of the Finance Commission (Fin. Code §156.102, §157.02015)
The Finance Commission is authorized to adopt rules necessary to:
✓ ~~> ensure compliance with the RMLC.
participate in and/or transition to the NMLS and carry out the intentions of
the federal SAFE Act.
administer the Recovery Fund (the Fund).
standardize the maintenance of books and records a licensee is required to
keep, including the location at which the books and records must be kept.
Master01 | September, 2024/2025 | Latest update
, 4 | P a g e | © copyright 2024/2025 | Grade A+
prohibit false, misleading or deceptive practices by mortgage licensees.
However, the rules may not restrict competitive bidding or advertising by
residential mortgage loan originators by restricting:
the use of any medium for an advertisement;
the personal appearance or voice of a person in an advertisement;
the size or duration of an advertisement; or
a residential mortgage loan originator's advertisement under a trade name.
(Fin. Code §156.105; §157.011)
The Finance Commission is also charged with creating standard forms for
preapproval or prequalification of a loan applicant and adopting rules
requiring licensees to use the forms.
NMLS Responsibilities of the Commissioner
Confidentiality (Fin. Code §180.062).
Master01 | September, 2024/2025 | Latest update
