Source: https://apps.leg.wa.gov/wac/default.aspx?cite=208-620-520
Timestamp: 2020-07-03 20:28:01
Document Index: 185033270

Matched Legal Cases: ['§ 208', '§ 208', '§ 208', '§ 208', '§ 208', '§ 208', '§ 208', '§ 208', '§ 208']

WAC 208-620-520:
WACs > Title 208 > Chapter 208-620 > Section 208-620-520
208-620-515 << 208-620-520 >> 208-620-530
PDFWAC 208-620-520
Unless otherwise indicated in this section, and as applicable, you must maintain the following records for a minimum of three years after making the final entry, or the period of time required by federal law, whichever is longer:
(1) General records. Each licensee must maintain electronic or hard copy books, accounts, records, papers, documents, files, and other information relevant to making loans or servicing residential mortgage loans.
(2) Advertising records. These records include newspaper and print advertising, scripts of radio and television advertising, telemarketing scripts, all direct mail advertising, and any electronic advertising distributed by facsimile computer, or other electronic or wireless network.
(c) The initial rate sheet or other supporting rate information, if applicable;
(d) The last rate sheet, or other supporting rate information, if there was a change in rates, terms, or conditions prior to settlement, if applicable;
(e) Rate lock agreements and the supporting rate sheets or other rate supporting document, if applicable;
(f) All written disclosures required by the act and federal laws and regulations. Some examples of federal law disclosures include, but are not limited to: The good faith estimate or loan estimate or other Truth in Lending Act disclosures, Equal Credit Opportunity Act disclosures, and affiliated business arrangement and other disclosures under RESPA;
(i) Settlement statements (for example, the final HUD-1, HUD-1A or federal closing disclosure);
(l) All file correspondence and logs, including recorded communications with borrowers if communications with borrowers are recorded;
(m) All mortgage broker contracts with lenders and all other correspondence with the lenders;
(n) All documents used to support the underwriting approval, if applicable; and
(4) Residential mortgage loan servicing documents.
(a) You must maintain servicing agreements as part of your records.
(b) You must maintain all notices from GSEs, if applicable, that relate specifically to your loan servicing activities. This includes, but is not limited to, notices of noncompliance with the servicing agreement.
(c) If you record telephone conversations, you must maintain the recorded telephone conversations with consumers for three years after the date of the call or longer if required by another law.
(5) Abandoned records. If you do not maintain your records as required, you are responsible for the costs of collection, storage, conversion to electronic format or proper destruction of the records.
[Statutory Authority: RCW 43.320.040 and 31.04.165. WSR 19-21-157, § 208-620-520, filed 10/22/19, effective 11/24/19; WSR 18-24-013, § 208-620-520, filed 11/27/18, effective 1/1/19; WSR 18-16-024, § 208-620-520, filed 7/24/18, effective 9/1/18. Statutory Authority: Chapter 43.320 RCW, RCW 31.04.165. WSR 16-08-026, § 208-620-520, filed 3/30/16, effective 4/30/16. Statutory Authority: RCW 43.320.040 and 31.04.165. WSR 13-24-024, § 208-620-520, filed 11/22/13, effective 1/1/14; WSR 12-18-047, § 208-620-520, filed 8/29/12, effective 11/1/12. Statutory Authority: RCW 43.320.040, 31.04.165 and 2010 c 35. WSR 10-20-122, § 208-620-520, filed 10/5/10, effective 11/5/10. Statutory Authority: RCW 43.320.040, 31.04.165, 2009 c 120, and 2009 c 149. WSR 09-24-090, § 208-620-520, filed 12/1/09, effective 1/1/10. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175. WSR 06-04-053, § 208-620-520, filed 1/27/06, effective 2/27/06.]