The Texas Real Estate Teachers Association had their annual meeting in San Antonio April 16-18.

During the meeting there were several speakers but the topics seemed to concentrate on Mortgage Fraud including the new Federal S.A.F.E. Act and the corresponding Texas statutes currently being considered in this session of the Legislature. HB 10, HB 2774 & HB 2779.

Here are some of the highlights:

• The term Mortgage Broker and Loan officer will be replaced in the new Federal Law with "Loan Originator".
• The "license" may be issued by the State but only after they receive a "unique identifier" through the Federal Program.
• Those who do mortgage loans with Depository Institutions will have to register and those with private mortgage companies will need to be licensed.
• Real estate agents will no longer be able to use their TREC MCE courses to satisfy their Loan Originator continuing education. The only way this continuing education will work for both licenses is to have both TREC and SML accept the course.
• All mortgage licenses will expire on December 31 of each year.
• Certain attorneys who deal with loss mitigation and foreclosures will need a license.
• Everyone will have to have a new criminal background check including NEW fingerprints.
• Everyone will have to take and pass a new license exam. This includes those who obtained their license before license exams were required.
• The Texas SML is asking for an extension for the July 30, 2009 Federal deadline.

These changes will cause some problems. For more information check http://www.sml.state.tx.us/.

Here is the point that caught all of the attendees by surprise.
If the seller finances their homestead they do not need to be licensed. If the seller finances an investment home the seller must be licensed. This includes a seller second.

Fannie Mae spoke about several loan programs. Check out http://www.homepath.com/ to see available Fannie Mae foreclosed properties.

One interesting Mortgage Fraud case was where the listing broker was sentenced to 2 months for witnessing suspected mortgage fraud at the closing. That's right, if you suspect mortgage fraud and don't report your suspicions you can go to jail along with the real crooks.

This year's meeting was held at the Menger Hotel. No reports of seeing the Menger Ghost so I guess she was tired after attending the Tea Parties held the day before at the Alamo across the street. Tentative plans for next year's meeting is early April at the San Marcos Convention Center. Make your plans to attend. http://www.treta.org/.