A Texas originator sponsored by a mortgage banker licensed under Chapter 157 asks who regulates them. Which regulatory official is assigned to the Chapter 157 sponsorship path?
Correct Answer
B) The savings and mortgage lending commissioner, for 156 and 157
The regulatory official is the savings and mortgage lending commissioner with respect to Chapters 156 and 157, so a Chapter 157 mortgage banker and its originators answer there. Other choices: the consumer credit commissioner has Chapters 342, 347, 348 and 351 rather than this one; the banking commissioner has Subtitles A, F and G; and the finance commission makes rules rather than serving as the regulatory official. Source: Tex. Fin. Code sec. 180.002(17)(B)
Why This Is the Correct Answer
The regulatory official is the savings and mortgage lending commissioner with respect to Chapters 156 and 157, so a Chapter 157 mortgage banker and its originators answer there. Other choices: the consumer credit commissioner has Chapters 342, 347, 348 and 351 rather than this one; the banking commissioner has Subtitles A, F and G; and the finance commission makes rules rather than serving as the regulatory official. Source: Tex. Fin. Code sec. 180.002(17)(B)
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