Section 2.102 - Registration with Nationwide Mortgage Licensing System and Registry(a) Individuals. Individuals applying for a license with the OCCC and who, for actual or expected compensation or gain, take a residential mortgage loan application, or who offer or negotiate the terms of a residential mortgage loan, are required to register with NMLS, except for individuals engaged in authorized activity subject to the authority of a regulatory official under Texas Finance Code, § RSA 180.251(a).(b) Entities. Entities licensed or applying for a license with the OCCC to make, transact, or negotiate residential mortgage loans are not required to register with NMLS.(c) Withdrawal of application. If an application is not completed within 30 calendar days after notice of deficiency has been sent to the applicant, the application may be considered abandoned and will be withdrawn.(d) Inactive status. The OCCC may issue a license in an inactive status if the applicant complies with all requirements of licensure and completes the required application except for the requirement of providing an employer. After the inactive RMLO has submitted an employer and the OCCC has verified that the employer is currently registered or licensed by the OCCC, the license may be changed to active status.(e) Conditional status. The OCCC may issue a license on a conditional basis.7 Tex. Admin. Code § 2.102
The provisions of this §2.102 adopted to be effective May 6, 2010, 35 TexReg 3470; amended to be effective November 7, 2013, 38 TexReg 7681