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