The Texas Residential Mortgage Loan Servicer Bond is required by the Texas Department of Savings and Mortgage Lending for residential mortgage loan originators. This is any person or entity who receives scheduled payments from a borrower under the terms of a residential mortgage loan, including amounts of escrow accounts; and makes the payments of principal and interest to the owner of the loan or other third party and makes any other payments with respect to the amounts received from the borrower as may be required under the terms of the servicing loan document or servicing contract.
The Commissioner of the Department of Savings and Mortgage Lending requires that bond be in the amount of either $25,000 for servicing volumes of <$25,000,000 or $50,000 for servicing volumes of >$25,000,000. The Texas Residential Mortgage Loan Originator Bond states that the bond principal must follow all rules and regulations under the Residential Mortgage Loan Servicers Act. This bond must be written for, in favor of, and payable to the State of Texas and the people of the State of Texas.
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