5 Miss. Code. R. § 2-1.8 - Required Contents of Individual Borrower Files

Current through April 7, 2022

The required mortgage company files will be kept at the Books and Records Information address listed on the NMLS system.

The individual borrower files of a mortgage broker and lender shall contain at least the following items. Please note, that the use of correction fluid on any document associated with the mortgage loan, which includes, but are not limited to the below listed items, is considered a fraudulent activity.

The original or copy (unless otherwise specified below) of all documentation dated and signed by the applicant and/or loan originator, including, but not limited to:

1. Application - copy of the original signed and dated by the applicant and mortgage loan originator
2. Credit File (Authorizations to order credit report, verifications, credit reports, etc)
3. Appraisal and invoice from appraiser - complete copy of appraisal and is not required to be signed by applicant or loan originator
4. Notice of Right of Rescission
5. Broker or Co-Broker Agreement
6. Good Faith Estimate - within 3 working days of taking application. If mailed, lender must retain a copy of the cover letter stating date mailed and address where the GFE was mailed. If hand delivered, lender must develop a separate document to be signed by applicant acknowledging receipt of the Good Faith Estimate.

7 . Initial Truth in Lending Disclosure (not required to be signed by applicant)

8. Servicing Disclosure (if funding the loan)
9. Notice of Right to Receive Copy of Appraisal
10. Affiliated Business Agreement (when applicable)
11. Proof of Assignment (transfer) of loan (if applicable).
12. Equal Credit Opportunity Act disclosure (within 3 days of application)
13. Lock-in agreement from lender (if applicable)
14. Notice of Action Taken (within 3 business days of receiving notice that loan is denied or within 30 calendar days of receiving an application denied by lender).
15. Mortgage Origination Agreement containing information outlined in 81-18-33(a)
16. Final HUD Settlement Statement - copy of signed original
17. Final Truth in Lending - for all Lenders or Brokers who table fund - at settlement
18. Promissory Note (copy)
19. Deed of Trust (copy)
20. Final Loan Application - signed and dated by the applicant(s)
21. Verification that the applicant received the "Settlement Cost Booklet"

These records are to be maintained for a minimum of thirty-six (36) months from the date of the loan application, maintained in a secure format and maintained separately from any and all other business records (this includes other state mortgage records). The records must be kept in a secure onsite or offsite location. An onsite secure location would include the licensed main or branch office of origination or the main office location of the company. If the branch location becomes unlicensed, then the mortgage records must be maintained where the main office records are maintained according the NMLS system or another licensed branch location. The location of the records must be updated in the Books and Records Section of NMLS for that unlicensed branch at time of the branch closure. An off-site secure location would include a storage facility with security, etc and would not include a person's home, unless this is the licensed location of the mortgage broker or lender. The Commissioner in his sole discretion, after giving written notice, may require records to be maintained for a longer period of time. The following federal regulations may also be used as guides to supplement the minimum recordkeeping requirements stated above: Regulation B, Regulation X, and Regulation Z. However, the requirements outlined above are separate and apart from any record keeping requirements stated in federal regulations. Compliance with the provisions of this policy cannot be relied upon for ensuring compliance with federal regulations.

Notes

5 Miss. Code. R. § 2-1.8
Miss. Code Ann. § 81-18-29; Effective date August 30, 2013

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