3 AAC 14.420 - Records of mortgage licensee registered exempt bona fide nonprofit organization, or registered depository institution

(a) A mortgage licensee, a registered exempt bona fide nonprofit organization, or a registered depository institution shall maintain

(1) a list of all signed loan applications or executed fee agreements that provides each the following items:

(A) the applicant's name;

(B) the application date;

(C) the amount of the initial loan request;

(D) the final disposition date;

(E) whether the loan was funded or denied, or any other disposition;

(F) the name of the mortgage loan originator;

(2) a cash receipts journal or other record of all money received in connection with a mortgage loan; the journal or other record must contain

(A) the original contract with the customer for the mortgage licensee's the registered exempt bona fide nonprofit organization's, or the registered depository institution's compensation;

(B) copies of the note, settlement statement, and truth-in-lending disclosure; and

(C) an account of fees received in connection with the loan, and other papers or records relating to the loan that may be required by department order or any applicable state or federal regulation;

(3) documentation of trust or escrow money showing the

(A) borrower's name and the name of each co-borrower, if any;

(B) loan number, if any;

(C) amount received;

(D) purpose for the amount received;

(E) date received;

(F) date deposited into the trust or escrow account;

(G) amount disbursed;

(H) date disbursed;

(I) disbursement's payee and purpose; and

(J) balance;

(4) a file for each closed application for a mortgage loan; the file must contain

(A) a settlement statement, a denial or withdrawal letter, or other documentation showing the application's final disposition;

(B) correspondence sent or received by the mortgage licensee, the regiistered exempt bona fide nonprofit organization, or the registered depository institution relating to the loan application;

(C) the contract with, agreement with, and escrow instructions to any depository institution;

(D) documents showing compliance with federal law referenced in AS 06.60.330; and

(E) an itemized list of each fee taken in advance of the closing of a loan, including the appraisal fee, credit report fee, and application fee;

(5) a copy of advertising that references the mortgage licensee's or the registered depository institution's business or that was paid for by the mortgage licensee or the registered depository institution;

(6) copies of any governmental or regulatory compliance reviews;

(7) if the mortgage licensee or the registered depository institution is not a natural person, a file containing

(A) organizational documents for the entity;

(B) minutes of board of directors or members meetings;

(C) a stock or ownership transfer ledger or other record showing ownership of all proportional equity interests in the licensee or the registered depository institution, ascertainable as of any given record date; and

(D) an annual report, if required by state or federal law;

(8) repealed 12/4/2010;

(9) repealed 12/4/2010;

(10) if the department has granted approval to maintain records outside this state, the specific address where the records are kept, and a person's name and telephone number to contact for them; and

(11) other records required to be maintained under state or federal law.

(b) Documents required to be maintained under (a)(5) - (11) of this section must be maintained for three years after the date the document is created unless a longer retention period is otherwise required by law.

(c) If a licensee or a registered depository institution does business in other states, it must be able to separate information regarding business transactions that occur entirely or partially in this state from information relating to other states, to enable the department to conduct an examination.

Notes

3 AAC 14.420

Eff. 7/1/2008, Register 186; am 12/4/2010, Register 196; am 1/1/2017, Register 220, January 2017; am 2/6/2020, Register 233, April 2020

Authority: AS 06.60.015

AS 06.60.135

AS 06.60.910