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The Texas Office of Consumer Credit Commissioner (“OCCC”) is a Texas state agency that regulates non-depository lenders in the state of Texas, [1] which includes, among others, mortgage loan originators, vehicle sales finance companies, debt settlement providers, pawnshops and credit access businesses.
The Nationwide Multi-State Licensing System and Registry (NMLS) (originally the Nationwide Mortgage Licensing System) is the system of record for non-depository, financial services licensing or registration in participating state agencies, including the District of Columbia and U.S. Territories of Puerto Rico, the U.S. Virgin Islands, and Guam.
The Texas Real Estate Commission (TREC) is the state agency that governs real estate practices in the state of Texas. The agency is headquartered at 1700 North Congress in Austin. [1] TREC is composed of nine members appointed by the Governor with the concurrence of the Texas Senate. The members are appointed for six-year terms, with the terms ...
Mortgage broker: A mortgage broker is not employed by the lender (though the latter often pays their fees or commission). Instead, they are independent professionals who act as a go-between ...
A mortgage broker can save you money on the loan itself: Brokers have access to a broader mix of loans and lenders (including some you wouldn’t have access to as an individual). So they may be ...
Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
Other brokers and agents may focus on representing buyers or tenants in a real estate transaction. However, licensing as a broker or salesperson authorizes the licensee to legally represent parties on either side of a transaction and providing the necessary documentation for the legal transfer of real property.
In addition, lender fees can make up a big chunk of buyers’ closing costs, so be sure to shop around for Texas mortgage lenders to find the lowest fees. You can also shop around for title companies.