Ga. Comp. R. & Regs. R. 80-11-5-.02 - Books and Records Requirements; Examination

(1) The Department may examine the mortgage related books and records of any licensed mortgage loan originator as specified in O.C.G.A. § 7-1-1009.

(2) Any person who is acting as a mortgage loan originator and is required to be licensed shall maintain a journal of mortgage loan transactions, which shall include, at a minimum, the following information:

(a) Full name of proposed borrower and all co-borrowers;

(b) Date the mortgage loan originator took application for the mortgage loan;

(c) Name and the unique identifier or Federal Regulatory Number of the mortgage licensee sponsoring the loan originator;

(d) Disposition of the mortgage loan application and date of disposition. The journal shall indicate the result of the loan transaction. The disposition of the application shall be categorized as one of the following: loan closed, loan denied, application withdrawn, application in process or other (explanation to be provided);

(e) The journal shall be kept current, updated no less frequently than every seven (7) days. The failure to initiate an entry to the journal within seven (7) business days from the date of the occurrence of the event required to be recorded in the journal shall be deemed a failure to keep the journal current.

(f) The journal shall clearly identify if the mortgage loan originator utilized temporary authority to operate at any point in the application or loan process.

(g) Failure to maintain the mortgage loan journal or to keep the journal current (incidental and isolated clerical errors or omissions shall not be considered a violation) may be grounds for suspension or revocation of the license or other appropriate administrative action and will subject the licensee to fines in accordance with regulations prescribed by the department.

(3) All books and records and accounts required by this rule shall be maintained by a mortgage loan originator for a period of five (5) years.

Notes

Ga. Comp. R. & Regs. R. 80-11-5-.02

O.C.G.A. §§ 7-1-1001.1, 7-1-1009, 7-1-1012.

Original Rule entitled "Books and Records Requirements; Examination" adopted. F. Aug. 17, 2009; eff. Sept. 6, 2009. Amended: F. Sep. 18, 2012; eff. Oct. 8, 2012. Amended: F. Dec. 20, 2019; eff. Jan. 9, 2020. Amended: F. July 12, 2024; eff. Aug. 1, 2024.