Ga. Comp. R. & Regs. R. 80-11-2-.04 - Mortgage Loan Files

(1) Any person who is required to be licensed under O.C.G.A. Title 7, Article 13, whether as a broker or a lender ("licensee"), shall maintain a loan file for each mortgage loan transaction. The files shall be maintained in an alphabetical or numerical sequence in the principal place of business or in each branch office where mortgage loans are originated, provided that the branch office is indicated on the licensee's initial written application for licensure or written amendment thereto.

(2) Each loan file shall contain the following:

(a) Copy of the signed mortgage loan application with the Nationwide Multistate Licensing System and Registry (NMLSR) unique identifier of the mortgage loan originator if the application form is received by the licensee;

(b) Copy of credit report if the credit report is pulled or ordered by the licensee;

(c) Copy of the appraisal and the order for such appraisal if the appraisal is ordered by the licensee;

(d) Copy of signed closing statement, closing disclosure or HUD-1 as required by federal law, or documentation of denial or cancellation of loan application;

(e) Copies of the disclosure documents required by Rule 80-11-1-.01;

(f) Copies of all contracts, letters, notes and memos regarding the customer, including but not limited to lock-in agreements and commitment agreements; and

(3) For canceled loans, a licensee shall maintain a copy of any unsigned mortgage loan application if taken.

(4) Failure to maintain files and required documentation (incidental and isolated clerical errors or omissions shall not be considered a violation) may be grounds for administrative action and will subject the licensee to fines in accordance with regulations prescribed by the Department.

Notes

Ga. Comp. R. & Regs. R. 80-11-2-.04

O.C.G.A. §§ 7-1-61, 7-1-1009, 7-1-1012.

Original Rule entitled "Mortgage Loan Files" adopted. F. July 11, 1994; eff. July 31, 1994. Amended: F. July 14, 1998; eff. August 3, 1998. Amended: F. July 12, 1999; eff. August 1, 1999. Amended: F. Aug. 22, 2006; eff. Sept. 11, 2006. Amended: F. Aug. 17, 2009; eff. Sept. 6, 2009. Amended: F. Nov. 2, 2010; eff. Nov. 22, 2010. Amended: F. June 20, 2016; eff. July 10, 2016. Amended: F. July 12, 2024; eff. Aug. 1, 2024.