Texas has amended its provisions relating to exemptions from the applicability of the Texas SAFE Act for certain nonprofit organizations and their residential mortgage loan originators (MLOs). Under the amendment, a nonprofit organization that has the designation as a Section 501(c)(3) organization by the Internal Revenue Service and originates residential mortgage loans for borrowers who, through a self-help program, have provided at least 200 labor hours or 65 percent of the labor to construct the dwelling securing the loan, are exempt from the SAFE Act's licensing requirements. The employees of such nonprofit entities, when acting for the benefit of those entities, are also exempt from the licensing requirements applicable to MLOs.

The amendment is effective September 1, 2015. 

NMLS Adds New Rhode Island Third-Party Loan Servicer License

The Rhode Island Department of Business Regulations is now receiving new application filings through the Nationwide Mortgage Licensing System & Registry (NMLS) for the third-party loan servicer license. As previously reported, Rhode Island passed a bill last year that requires persons who, directly or indirectly, engage in the business of servicing a loan made to a resident of Rhode Island to obtain a third-party loan servicer license.