| The Texas SML Department's Annual Report Collection System is being
modified to include the collection of additional information not
previously required. The new requirements must be met when
filing your loan origination activity for calendar year 2007, which
is filed online and due to the department by February 28,
2008. (The revised system will be updated and available to
record your 2007 collection information on or about January 1,
2008.)
The following recaps
both the current and new requirements so that you will have time to
collect the data you will be required to report:
First Lien 1-4 Family
Residential Mortgages. You must provide the total
number of loans and the total amount of the loans you funded during
calendar year 2007 for the following categories:
~ FHA loans
~ VA loans
~ Conventional – FannieMae/FreddieMac
conforming loans
~ Jumbo Loans – loans above conforming
loan limits / non-conforming loans
~ Tax lien or “Super” lien loans (new
requirement, previously captured under “Other” loans)
~ All other 1-4 family residential
loans not reported above
High Cost Loans (Loans with interest rates greater
than 12%) will no longer be collected as a separate
category.
FOLLOWING IS THE NEW
REQUIREMENT!
Non-Traditional
Loans The information you enter in the above categories
will be automatically totaled for you by the online system.
The following sub-categories of loans should already be represented
in the totals above but must be broken out into individual
categories so that additional analysis and reporting can occur:
~ Negative amortization / pay option
loans
~ Loans with NO escrow accounts or
unimproved taxes
~ Any ARM with a margin of greater than
3%
~ Reverse mortgage loans
Points to remember when
completing your annual reporting requirement:
~ You MUST file
the annual report before March 1st to avoid an administrative
penalty and possible license suspension.
~ The annual report must be filed
online; there is no paper form available.
~ The password is the first six numbers
(no dashes) of your social security number.
~ You CANNOT change addresses using the
annual report.
~ Each individual mortgage broker MUST
file an annual report, even if another mortgage broker is including
figures at a company level.
~ The total amount of each loan funded
must be included, not the commission earned on the loan.
~ You will receive a confirmation page
when you submit your completed annual report that includes the year
being reported as well as the date and time you submitted your
report.
~ Newly
legislated requirements that go into effect in late 2007 or early
2008 will not affect your calendar year 2007 annual report
submissions, which are due on or before February 28,
2008.
Additional requirements
will be established and implemented for your calendar year 2008
loan production filing, due on or before February 28, 2009, to
include, for example, second lien reporting.
If you have any questions, do not hesitate to
contact the department’s Division of Licensing via email at
licensing@sml.state.tx.us
or telephone at 512-475-1350 or 877-276-5550. | 
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