Or. Admin. R. 441-865-0060 - Residential Borrower Files
(1)
In addition to the books and records required under the provisions of OAR
441-865-0010 to 441-865-0090, a mortgage banker or mortgage broker that takes
an application for a residential mortgage transaction must prepare and maintain
the following:
(a) A copy of each executed
loan application form, including the unique identifier of the mortgage loan
originator that took the residential mortgage loan application and offered to
negotiate or negotiated the terms of the loan, which must have both the
signatures of the borrower and mortgage loan originator;
(b) A copy of each executed fee agreement, if
prepared;
(c) In the case of
residential or single family loans, a borrower acknowledged statement that a
loan interest rate will float or a copy of the executed lock agreement. The
lock agreement shall specify at a minimum the:
(A) Date of the agreement;
(B) File identification, and property
address;
(C) Lock-in rate and
expiration date;
(D) Disclosure
that the lock may be subject to change if any of the loan factors change and
disclosure that if the lock expires, the rate and points are subject to change;
and
(E) The term of the loan.
(d) A copy of all
correspondence with the borrower in writing or in a format easily converted to
writing;
(e) A copy of any
documents noting approval or denial of a borrower's mortgage loan application;
(f) A copy of all documents
submitted by a borrower to the mortgage banker or mortgage broker in connection
with the loan application;
(g) If
required to be prepared for the residential mortgage transaction, a copy of the
good faith estimate required by Regulation X, 12 C.F.R. Part 1024, and
translated as applicable to comply with
86A.198;
(h) A copy of the executed Authorization to
Release Credit Information Form;
(i) Copies of every credit report accessed by
the mortgage banker or mortgage broker in connection with the transaction;
(j) If required to be prepared for
the residential mortgage transaction, a copy of any disclosure required by
Regulation Z, 12 C.F.R. Part 1026 and translated as applicable to comply with
ORS 86A.198, including, but not
limited to, the Truth in Lending disclosure statement, the Loan Estimate and
the Closing Disclosure Statement. A copy of the completed, translated Loan
Estimate and Closing Disclosure provided to the borrower as required by
Regulation Z, 12 C.F.R. Part 1026 and maintained in the borrower file will
comply with the requirement in ORS
86A.198 to provide a translated
good faith estimate and Truth in Lending Disclosure; and
(k) If required to be prepared for the
residential mortgage transaction, a copy of the final HUD-1 settlement
statement required by 12 C.F.R. Part 1024.
(2) In addition to the books and records
required under the provisions of section (1) of this rule and OAR 441-865-0010
to 441-865-0090, a mortgage banker that funds a residential mortgage
transaction must also prepare and maintain the following in the loan file:
(a) A summary of information on the loan
funding program parameters required for the loan's key terms;
(b) A copy of each executed loan application
form, including on the form the unique identifier of the mortgage loan
originator that took the residential mortgage loan application and offered to
negotiate or negotiated the terms of the loan, which must have both the
signatures of the borrower and mortgage loan originator;
(c) A copy of all documentation relied upon
in making the loan decision;
(d) A
copy of the borrower executed note and executed trust deed;
(e) If required to be prepared for the
residential mortgage transaction, a copy of the good faith estimate prepared
under Regulation X, 12 C.F.R. Part 1024 and translated as applicable to comply
with ORS 86A.198;
(f) A copy of the every credit report
accessed by the mortgage banker or mortgage broker in connection with the
transaction;
(g) If required to be
prepared for the residential mortgage transaction, a copy of any disclosure
required by Regulation Z, 12 C.F.R. Part 1026 and translated as applicable to
comply with ORS 86A.198, including, but not
limited to, the Truth in Lending disclosure statement, the Loan Estimate and
the Closing Disclosure Statement. A copy of the completed, translated Loan
Estimate and Closing Disclosure provided to the borrower as required by
Regulation Z, 12 C.F.R. Part 1026 and maintained in the borrower file will
comply with the requirement in ORS
86A.198 to provide a translated
good faith estimate and Truth in Lending Disclosure;
(h) If required to be prepared for the
residential mortgage transaction, a copy of the final HUD-1 settlement
statement required by 12 C.F.R. Part 1024; and
(i) A copy of the statement that notifies the
borrower that loan documents associated with the transaction will be in English
and that advises the borrower to obtain appropriate assistance, with any
necessary translations as required by ORS
86A.198.
(3) A mortgage broker that closes a
residential mortgage loan in the name of the broker shall retain the records
required in Sections (1) and (2) of this rule.
(4) If the loan is funded by an investor
other than persons enumerated in ORS
59.035(4) or
(5), the mortgage banker or mortgage broker
must comply with the records requirements under OAR 441-865-0080.
Notes
Stat. Auth.: ORS 86A.112 & 86A.136
Stats. Implemented: ORS 86A.112
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