texas office provider
Need a physical office in Texas? We are your solution!
Mortgage Companies are required to maintain at least one physical office within the state of Texas as a condition of licensure. Physical office is defined as an actual office where the business of mortgage lending and/or the business of taking or soliciting Residential Mortgage Loan applications is conducted. It must have a street address. A post office box or other similar designation will not suffice. It must be accessible to the general public as a place of business and must hold itself open on a regular basis during posted hours. During the hours in which the physical office is open, at least one staff member must be present to assist customers. Please be aware that companies qualified as Mortgage Bankers and registered with the Department are not required to maintain a physical office within the state of Texas.
Here’s where we come in…
The long and short of it is you must have a physical office in Texas and we have the solution for you. We provide you with a physical office location in Texas that is staffed by our employees from 9am-5pm. For a low monthly service fee, we provide your Texas office needs and we assist in keeping you compliant with the state during examinations.
Our staff is experienced…
Periodically, there are state examinations conducted at your Texas office location and your representative on site needs to know what to do during that time. We have experienced a multitude of state examinations and know how to work with the state examiners to keep your company compliant. There is value in having a knowledgeable person with experience in this industry represent your company.
Texas Office Requirement FAQs
Is a physical, in-state office required to get my Texas Mortgage Company License?
Yes, Texas does require that you have a physical office in the state. However, we offer monthly physical office solutions for out-of-state clients. Easy peasy. And if you utilize our office services, we will be your Registered Agent in the state of Texas for free (typically $99 per year).
What are the requirements to obtain a Texas Mortgage Company License?
The Texas Mortgage Company License has two portions: an individual (loan originator) license and a company license. 20 hours of national SAFE education are required and 3 hours of Texas-specific education is required. There are no longer minimum experience requirements. If you have not completed the standard NMLS 23 hours of national and TX education, we can help set up these courses for you with the state’s best education providers.
The Texas Mortgage Company License covers all 1st mortgages in Texas and any 2nd mortgage with an interest rate of less than 10%. If a broker/lender will be offering 2nd mortgages that are greater than 10%, they must also obtain the Texas Regulatory Lender License through the Office of Consumer Credit Commission (OCCC). We can assist in obtaining this license as well. There are no minimum net worth requirements for the Texas Mortgage Company License. There is also no longer a surety bond requirement.
What does this mean?
If you will only be brokering loans with an interest rate of less than 10% then you will only need to apply for the Texas Mortgage Company License and a Texas Mortgage Loan Originator License for any individual that will originate loans. We can do that for you!
What if I am starting a new Texas company?
We can assist you with starting your company in Texas. We’ll file your articles of incorporation with the Texas Secretary of State and file your mortgage license application through the NMLS (National Multistate Licensing System).
What if I have an non-Texas company wanting to expand to Texas?
We can handle it! We’ll file your Foreign Registration with the Secretary of State and file your mortgage license application through the NMLS (National Multistate Licensing System).
The Texas Mortgage Company License is Regulated by:
Texas Department of Savings and Mortgage Lending, Division of Licensing
2601 North Lamar, Suite 201
Austin, Texas 78705
Telephone: 512-475-1350 (#2)