Friday, June 23, 2006 - Do you need a second lien license???

AS RATES ON SECOND LIENS INCH UPWARD....ASK YOURSELF

Do I need to be licensed to originate second liens?

·         Mortgage Brokers: Yes, if you broker junior lien transactions with effective rates greater than 10%. (The Texas Savings and Mortgage Lending Department licenses brokers of first lien transactions)

·         Mortgage Lenders: Yes, if you make home equity loans (unless made with unsupervised HUD-approved lenders) or engage in junior lien transactions.

·         Mortgage Servicers: Yes, if you are servicing secondary mortgages or first lien home equity loans.

·         Second Mortgage Lenders: Yes.

Click here to get information on a regulated loan license from the OCCC.