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Texas regulator urges motor vehicle sales finance licensees to work with borrowers
The Texas Office of the Consumer Credit Commissioner revised an advisory bulletin urging motor vehicle sales finance licenses to work with consumers during the Covid-19 crisis (previously covered here). Among other measures, the regulator urged licensees to increase consumer communication, work out modifications, waive certain charges, and suspend repossessions.
Texas regulator urges credit access businesses to consider emergency measures, extends reporting deadlines
On May 15, the Texas Office of the Consumer Credit Commissioner revised an advisory bulletin to credit access businesses, extending the deadline to file 2020 first quarter reports until May 31, 2020 (previously covered here). The office also encouraged credit access businesses to work with third-party lenders to provide relief to consumers negatively impacted by the Covid-19 pandemic.
Texas regulator extends annual report deadline for regulated lenders
On May 15, the Texas Office of Consumer Credit Commissioner revised an advisory bulletin extending the deadline for regulated lenders to file 2019 annual reports from May 1, 2020 to June 1, 2020 (previously covered here). The regulator also urged regulated lenders to work with borrowers negatively impacted by the Covid-19 pandemic.
Texas regulator extends reporting deadlines for property tax lenders, urges working with borrowers
On May 13, the Texas Office of Consumer Credit Commissioner revised an advisory bulletin (previously discussed here) for property tax lenders, which sets forth guidance regarding annual report deadlines, electronic signatures, activity from unlicensed locations, and working with borrowers, including by increasing communications, working out modifications, waving late charges, and suspending foreclosures, among other things.
Texas amends residential MLO application procedures
On May 1, the Texas Finance Commission adopted amendments related to application procedures for regulated residential mortgage loan originators (MLO). The amendments are intended to reduce costs for residential MLOs and to ensure consistency with current licensing procedures and processes. Among other things, the amendments lower MLO application and annual renewal fees from $300 to $200, and implement statutory changes from HB 1342 (enacted last year) related to criminal background checks for residential MLOs. Specifically, the amendments (i) repeal a provision that allowed for the “denial, suspension, or revocation for any offense occurring in the five years preceding the application”; (ii) add provisions requiring an agency to consider the correlation between the element of a crime and a licensed occupation’s duties and responsibilities; and (iii) remove language related to letters of recommendation provided on behalf of an MLO applicant. The amendments are effective as of May 7.
Texas governor permits remote notarization of real estate instruments
On April 29, the governor of Texas temporarily permitted persons to appear before a notary public via videoconference when executing real estate instruments such as mortgages. The Office of the Attorney General issued a set of conditions that must be met when using remote methods of notarization. These include the use of two-way video and audio communication permitting contemporaneous interaction, verification of identity, recordkeeping requirements, and attestations of the signatory and notary that they are physically located in Texas.
Texas regulator discusses emergency measures for credit access businesses
On April 27, the Texas Office of Consumer Credit Commissioner issued an advisory bulletin encouraging credit access businesses to consider certain emergency measures in light of the Covid-19 pandemic. The bulletin encouraged credit access businesses to work with consumers by increasing communications, working out loan modifications that avoid delinquencies and negative credit reporting, waiving certain charges and fees, and suspending vehicle repossession and charge offs. The office also extended the deadline for required first quarter reporting from April 30 until May 31, 2020, and permitted credit access business activity to occur from otherwise unlicensed locations, so long as certain requirements are met.
Texas regulator relaxes certain appraisal requirements for credit unions
On April 22, the Texas Credit Union Department announced the temporary waiver of certain appraisal requirements. The waivers allow credit unions to defer certain appraisals and evaluations for up to 120 days after closing and raise the threshold level when an appraisal is not required for residential real-estate transactions from $250,000 to $400,000.
Texas agencies issue emergency guidance for home equity lenders
On April 22, the Texas Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit and Credit Union Department issued revised home equity lending guidance related to making new loans or adjusting existing loans to facilitate recovery efforts. The agencies encouraged lenders to work with borrowers to assist recovery while providing guidance on how lenders can ensure they maintain a valid home equity lien.
Texas Office of Consumer Credit issues revised emergency bulletin for lenders
On April 16, the Texas Office of Consumer Credit issued a revised bulletin outlining emergency guidance for regulated lenders navigating the Covid-19 crisis. The guidelines: 1) extended due date for filing annual reports from May 1 to June 1; 2) encouraged lenders to work with consumers, including by working out modifications to assist with payments, waiving fees and charges, suspending charged-off accounts, and suspending repossessions of collateral or foreclosure of real property, among other things; 3) reminded lenders of legal requirements for using electronic signatures; and 4) permitted lenders to conduct regulated lending activity from unlicensed locations, subject to certain conditions.
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