Sec. 157.030. COMPLETION OF RESIDENTIAL MORTGAGE ORIGINATION SERVICES. (a) On disbursement of mortgage proceeds to or on behalf of the residential mortgage loan applicant, the residential mortgage loan originator who assisted the applicant in obtaining the residential mortgage loan is considered to have completed the performance of the loan originator's services for the applicant and owes no additional duties or obligations to the applicant with respect to the loan.
(b) This section does not limit or preclude the liability of a residential mortgage loan originator for:
(1) failing to comply with this chapter, Chapter 156, or a rule adopted under this chapter or Chapter 156;
(2) failing to comply with a provision of or duty arising under an agreement with a residential mortgage loan applicant under this chapter or Chapter 156; or
(3) violating any other state or federal law.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 80, eff. September 1, 2013.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 157 - Mortgage Bankers and Residential Mortgage Loan Originators
Section 157.021. Inspection; Investigations
Section 157.0211. Multi-State Examination Authority of Residential Mortgage Loan Servicer
Section 157.022. Issuance and Enforcement of Subpoena
Section 157.023. Administrative Penalty
Section 157.024. Disciplinary Action; Cease and Desist Order
Section 157.0241. Revocation or Suspension of License for Payment From Recovery Fund
Section 157.026. Hearings and Judicial Review
Section 157.027. Civil Actions and Injunctive Relief
Section 157.028. Burden of Proof to Establish an Exemption
Section 157.029. Reliance on Written Notices From the Commissioner
Section 157.030. Completion of Residential Mortgage Origination Services