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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
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Subtitle E. OTHER FINANCIAL BUSINESSES |
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Chapter 156. RESIDENTIAL MORTGAGE LOAN COMPANIES AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS |
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Subchapter E. HEARINGS; JUDICIAL REVIEW; CIVIL ACTIONS; UNLICENSED ACTIVITY |
Sec. 156.405. COMPLETION OF RESIDENTIAL MORTGAGE LOAN ORIGINATOR SERVICES
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(a) On disbursement of mortgage proceeds to or on behalf of the mortgage applicant, the residential mortgage loan originator who assisted the mortgage applicant in obtaining the residential mortgage loan is considered to have completed the performance of the residential mortgage loan originator's services for the mortgage applicant and owes no additional duties or obligations to the mortgage applicant with respect to the residential mortgage 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 or a rule adopted under this chapter;
(2) failing to comply with a provision of or duty arising under an agreement with a mortgage applicant or lender under this chapter; or
(3) violating any other state or federal law.