Mich. Admin. Code R. 493.111 - Records; daily transactions; borrowers; foreclosure loan accounts; location of records
Rule 11.
(1) A
licensee or registrant shall maintain a record of all transactions covered by
the act involving receipt or disbursement of money by the licensee or
registrant each day. The record shall identify each transaction and show all of
the following:
(a) All payments received,
shown separately.
(b) Account
numbers.
(c) Names of
borrowers.
(d) Amounts disbursed.A
licensee or registrant shall post and balance the record daily.
(2) A servicer shall maintain a
record for each borrower. The record shall contain all of the following
information:
(a) Borrower's name and
address.
(b) Loan number.
(c) Loan amount.
(d) The date any adjustment is made to the
contract rate and the adjusted rate.
(e) Loan date.
(f) Contract rate.
(g) Repayment terms.
(h) Address of security.
(i) Any amount received or withheld from the
borrowers as a premium for insurance in connection with the loan and the term
covered by the insurance policy.
(j) The dates and amounts of all principal
payments received, interest charges received, and cash disbursements pertaining
to the loan, including court costs.
(k) The date to which interest charges are
paid and the unpaid principal balance.
(l) Description and amount of fees collected
from the borrower.
(3) A
licensee or registrant shall maintain a list of all foreclosure loan
accounts.
(4) A licensee or
registrant shall store and make available, at the address appearing on the
licensee's or registrant's license or registration certificate, all records
maintained on transactions covered by the act. A licensee or registrant may
store records at a site other than the address appearing on the licensee's or
registrant's license or registration certificate if the licensee or registrant
provides the commissioner with a notice of the site's address indicating which
records are stored at the site's address.
Notes
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