Because decisions made by the State Legislature impact not only your livelihood, but your customer’s access to mortgage money as well. We, as TMBA members, have a responsibility to protect not only our businesses, but an availability of competitive mortgage money to consumers. By being a TMBA member and a part of the TMBA Advocacy efforts, you have the opportunity to get involved and speak up!
The TMBA has been successful in blocking legislation that could have created additional burdensome regulation on accessing affordable home loans and that could have affected a 1st lien priority position. Examples of previously successful legislation include:
- Simplification of loan originator licensing SB 1004. Drove the effort to reduce current 6 separate loan originator license types to a single license. Crafted provisions to allow Texas to participate in the multistate license exam initiative.
- Constitutional Amendment SJR 18. Brings Texas law on reverse mortgage in line with all 49 other states by permitting a reverse mortgage for purchase.
- Defeated anti-MERS legislation that would have imposed a $1,000 per transaction penalty for not filing an individual mortgage assignment when a loan is securitized or transferred.
- Defeated two bills that would have made Texas out of compliance with SAFE and potentially risking CFPB takeover of mortgage licensing for Texas originators.
- Defeated legislation that would have materially changed construction lending by imperiling lender lien priority and imposing additional obligations on construction lenders.
- Defeated legislation that would have restricted mortgage servicing handling of casualty insurance proceeds.
- Defeated several bills that would have imposed additional requirements on mortgage loan servicers.
- Fought and diverted multiple bills that would have amended the non judicial foreclosure provisions of the Property Code.
- Successfully defended mortgage lien priority in opposing and successfully modifying three separate bills.
- Fought for property tax loan lending reform that has passed the Senate and awaits final vote on the floor of the House.
- Legislation to give prosecutors additional tools and authority to prosecute residential mortgage fraud and the creation of the.
- Residential Mortgage Fraud Task Force to combine the resources of involved state agencies to combat that growing problem.
- Clarification of home equity lending provisions to avoid legal conflicts in home equity loans.
- Legislation to regulate the abuses by property tax lenders which have been eroding the collateral of traditional mortgage lenders.
- Legislation to assure that mortgage bankers would be taxed only on Texas related business.
- In addition, TMBA strenuously opposed the following legislation that was proposed but NOT adopted during the 2007 Legislative session.
- Legislation requiring mandatory counseling before a mortgage loan could be made.
- Legislation requiring a lender to determine that there was a “tangible net benefit” to the borrower before making a home loan that refinanced an existing home loan.
- Legislation prohibiting use of a credit score in connection with making of a loan.
- Legislation requiring a new separate (and duplicative) disclosure of any prepayment penalty on a home loan.
Join the TMBA Advocacy Army TODAY and “Put your mouths where our money went!”
Note: You MUST be a current member of TMBA to join the Advocacy Army.
In order to match you with your state representative and senator, please provide your home address below (this information will only be used for TMBA's Advocacy Army initiatives in order to match you with your legislator: