Sec. 157.030. COMPLETION OF RESIDENTIAL MORTGAGE ORIGINATION SERVICES. (a) On disbursement of mortgage proceeds to or on behalf of the residential mortgage loan applicant, the residential mortgage loan originator who assisted the applicant in obtaining the residential mortgage loan is considered to have completed the performance of the loan originator's services for the applicant and owes no additional duties or obligations to the applicant with respect to the loan.
(b) This section does not limit or preclude the liability of a residential mortgage loan originator for:
(1) failing to comply with this chapter, Chapter 156, or a rule adopted under this chapter or Chapter 156;
(2) failing to comply with a provision of or duty arising under an agreement with a residential mortgage loan applicant under this chapter or Chapter 156; or
(3) violating any other state or federal law.
Added by Acts 2009, 81st Leg., R.S., Ch. 1147 (H.B. 2779), Sec. 8, eff. April 1, 2010.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 80, eff. September 1, 2013.
Section: Previous 157.02015 157.02016 157.032 157.021 157.0211 157.022 157.023 157.024 157.0241 157.025 157.026 157.027 157.028 157.029 157.030Last modified: September 28, 2016