Ga. Comp. R. & Regs. R. 80-11-6-.04 - Minimum Requirements for Books and Records

(1) Each servicer must maintain the following books, accounts, and records:

(a) Copies of all documents required by Rule Chapter 80-11-2;

(b) Servicer file for each mortgage loan that it services. The servicer file must contain the following:

1. the name of each borrower;

2. copies of all contracts, deeds, assignments, letters, notes, and memos regarding the borrower;

3. documents related to assignment, sale, or transfer of mortgage loan servicing;

4. copies of all disclosures or notices provided to the borrower by the servicer as required by law, including Rules 80-11-1-.01 and 80-11-6-.02;

5. copies of all written requests for information received from the borrower and the servicer's response to such requests as required by law;

6. full payment history that identifies and itemizes payments made by or on behalf of the borrower, all fees and charges assessed under the mortgage loan transaction, and escrow account activity;

7. a copy of any bankruptcy plan approved in a proceeding filed by the borrower or a co-owner of the property subject to the mortgage loan;

8. a communications log, which documents all verbal communication with the borrower or the borrower's representative;

9. a record of all efforts by the servicer to comply with the duties required under Rule 80-11-6-.02(2)(d), including all information utilized in the servicer's determination regarding loss mitigation proposals offered to the borrower;

10. a copy of all notices sent to the borrower related to any foreclosure proceeding filed against the encumbered property; and

11. records regarding the final disposition of the mortgage loan including a copy of any collateral release document, records of servicing transfers, charge-off information, or REO disposition.

(c) A list of all servicer's violations, if any, of the mortgage servicer standards set forth in Rule 80-11-6-.02.

(2) Failure to maintain the books, accounts, and records required under paragraph (1) above may result in suspension of the license or other appropriate administrative action and will subject the licensee to fines in accordance with regulations prescribed by the department.

Notes

Ga. Comp. R. & Regs. R. 80-11-6-.04

O.C.G.A. §§ 7-1-61, 7-1-1012.

Original Rule entitled "Minimum Requirements for Books and Records" adopted. F. June 29, 2017; eff. July 19, 2017. Amended: F. July 12, 2024; eff. Aug. 1, 2024.