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What is Texas Residential Mortgage Loan Servicer?

A Residential Mortgage Loan Servicer is a person or entity who handles mortgage payments for homeowners. These individuals are responsible for making the monthly mortgage payment to both the homeowner and lender, as well as any other fees that may be required in their contract with either party.

Are you a Texas Residential Mortgage Loan Servicer?

If so, then you need to be licensed with the State of Texas. We can help! Our bond is designed for residential mortgage loan servicers who are required to have a license from the state in order to operate legally. This bond will cover your company and protect it against any claims that may arise during your operations.

You’ll be able to get bonded quickly and easily online by filling out some simple forms on our website. It only takes about 10 minutes, and we offer competitive rates for all types of bonds.

Get bonded today by clicking here or calling (913) 214-8344

Who is in charge of mortgage lenders in Texas?

The Finance Commission makes sure that all the different mortgages and home loans are safe, but they can't do it on their own. That's why one organization to watch out for when you're trying to get a loan or refinancing your house is The Department of Savings and Mortgage Lending.

How do I file a complaint against a lender in Texas?

How do I file a complaint against my lender? With the Department of Savings and Mortgage Lending, you can lodge an official grievance.

Can you sue a mortgage company?

Yes, and there are many examples of what can constitute this type of misconduct. One is where the lender fails to include terms in the loan agreement that were agreed to by both parties or breaches their fiduciary duties – like when they take advantage of your ignorance about closing costs on home loans.

How do I become a loan officer with no experience?

In order to be eligible for this position, you must hold at least a bachelor's degree in finance or related field and have received the Mortgage Loan Originator license.

Can you become a loan officer with bad credit in Texas?

You have a chance to become one of the state's best loan officers despite your bad credit.

What is the difference between loan officer and loan originator?

In a simple summary, what is the difference between a loan officer and mortgage originator? A mortgage lender often works with borrowers to complete transactions. The key point of contact throughout this process tends to be these professionals who are usually called Loan Officers or Originators for short.

Does a loan servicer own the loan?

Many times, people don't even realize that they have a different company handling their payments until an error in payment is made. Suddenly, it becomes really clear what servicer received or should've received each month's bill and how much was paid off of principal versus interest.

What is the difference between a mortgage servicer and investor?

The difference between a mortgage servicer and investor is who handles the daily management of loan accounts. A servicer does this, while an investor purchases loans on the secondary market to make money off them. Here is Texas Alcoholic Beverage Performance Bond.

Can I change my mortgage loan servicer?

The only way to change a lender is if you refinance and move into one that services their own loans. Keep in mind, just because they service it today doesn't mean they'll continue doing so long-term!

Can a loan servicer foreclose a mortgage?

Servicers cannot foreclose on a property if both borrower and servicer have come to an agreement, unless the borrower fails in their obligations.

Why are mortgage loans sold?

There are many reasons why mortgage loans might be sold, but the most common one is to free up capital. When banks sell these types of products they're really selling the servicing rights to them and freeing up credit lines so that lenders can pass out money elsewhere. Read about Texas Alcoholic Beverage Tax (Manufacturer) Bond.

How do I keep my mortgage from being sold?

No matter how difficult it may be, when you hear that your mortgage is going to be sold, there are two things you can do. You either go along with the sale or proceed by refinancing and getting a new loan from another company.

Can I lower my mortgage interest rate without refinancing?

Want to lower your mortgage interest rate without refinancing? There's a way. A modification allows you to change the original terms of your home loan due to financial hardship, and can include: extending the term or lowering monthly payments.

Is there any downside to refinancing?

The number one downside to refinancing is that it costs money. What you're doing is taking out a new mortgage loan for your home in order to pay off the old one and experience all of the same hassles as when you first bought, including paying origination fees, title insurance, application fees and closing fee.

Can you renew your mortgage with another bank?

Don't renew with the same lender! You can shop around and find better terms. Start shopping a few months before your end of term to make sure you have time to compare rates from different lenders. Find a Texas Athlete Agent Bond.

Is it better to get a mortgage from a bank or lender?

Bank mortgages are appropriate for those who need to borrow a lot of money and have good credit. However, if you don't qualify for the best rates or aren't sure about your long-term plans, then it may be worthwhile to explore mortgage company loans instead.

Can I ask my bank to lower my mortgage rate?

Want to lower your mortgage rate? Just call and ask! It doesn't hurt to try- you never know what they'll say.

How long can you not pay your mortgage before foreclosure?

When you're behind in mortgage payments, how soon do you have to be delinquent before a foreclosure can start? Generally, homeowners need to be at least 120 days late on their payment for the servicer to take action.

Can a lender sell your mortgage?

The lender can legally sell your mortgage without you giving permission. You may be nervous when they do so, but don't worry! A loan is a loan no matter who owns it. Get a Texas Alcoholic Beverage Conduct Bond.

Can my mortgage renewal be denied? 

If you make all your payments on time, there's no reason the bank should deny it. But if interest rates are high and you're struggling to afford them, they may refuse to renew your contract even though that would cost more for both parties involved in the process.

What is the difference between renewing and refinancing a mortgage?

When your mortgage is up for renewal, you have a few options. You can renew the original deal and continue paying off the loan at its originally agreed upon rate. If you don't want to do that, then there's refinancing which essentially means swapping out your current mortgage for a different one with new terms like an increased interest rate or lower monthly payments if necessary.

Is it better to refinance or just pay extra principal?

A rate-lowering refinance reduces the rate of return on future payments, which could induce borrowers to stop making their mortgage payment. However, many people make one additional monthly payment in order to get out of debt faster and a refinancing would not change this motivation.

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