Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-2 - BOOKS AND RECORDS › Rule 80-11-2-.02 - Minimum Requirements for Books and Records

Current through Rules and Regulations filed through June 27, 2024
(1) Any mortgage broker or lender required to be licensed or registered under Article 13 of Chapter 1 of Title 7 ("licensee" or "registrant") must maintain the following books, accounts and records:
(a) Copies of all disclosure documents required by Rule  80-11-1-.01;
(b) Samples of advertisements as required by Rule  80-11-1-.02;
(c) Copies of all written complaints by customers and written records of disposition;
(d) Copies of examination reports prepared by any agency, division or corporate instrumentality of the United States, the State of Georgia or any other state, which reports pertain to the mortgage brokerage and/or lending business of the licensee or registrant and are not prohibited from being disclosed to the Department of Banking and Finance by state or federal law;
(e) Copies of reports required to be prepared and/or submitted by the licensee or registrant to any agency, division, or corporate instrumentality of the United States, the State of Georgia or any other state, which reports pertain to the mortgage brokerage and/or lending business of the licensee or registrant and are not prohibited from being disclosed to the Department of Banking and Finance by state or federal law;
(f) Copies of all payroll records, including federal and state withholding tax forms, W-2's, and 1099 forms filed with the Internal Revenue Service by the licensee or registrant, or its agent on behalf of individuals employed by the licensee or registrant or on behalf of individuals acting as independent contractors in the mortgage brokerage and/or lending business of the licensee or registrant;
(g) A general ledger and subsidiary records sufficient to produce, when requested by the Department, an accurate monthly statement of assets and liabilities and a cumulative profit and loss statement for the current operating year;
(h) All checkbooks, bank statements, deposit slips and canceled checks which pertain to the mortgage brokerage and/or lending business of the licensee or registrant;
(i) Supporting documentation for all expenses and fees paid by the mortgage broker on behalf of the customer, which documentation indicates the amount paid and the date paid;
(j) Copies of all credit report bills received from all credit reporting agencies for the most recent five year period;
(k) Documentation to indicate a consumer had a choice of attorney, if attorneys' fees are intended to be excluded from a points and fees calculation under the Georgia Fair Lending Act;
(l) An indication of whether each loan has points and fees of 5% or more, as calculated under the Georgia Fair Lending Act;
(m) Documentation to support the source and purpose for each receipt of monies in any form in an amount greater than $100 and documentation to identify the recipient and purpose of each payment of monies in any form in an amount greater than $100 by the licensee or registrant in its mortgage brokerage and/or lending business in order that the receipts may be reconciled to bank deposits and to books of the licensee or registrant;
(n) Employee file for each employee. The employee file must contain all documents related to hiring the employee, including criminal background check, date employment began, and a print out or screenshot confirming that the Department's public records were reviewed on NMLS Consumer Access to verify eligibility for employment with such review taking place prior to the date of hire;
(o) Copies of all submitted mortgage call reports, including any amended reports, for the previous five (5) years and all related work papers and supporting documentation that support the accuracy of the information contained in the mortgage call reports;
(p) Documentation showing that a sale or other transfer of closed mortgage loans to an unlicensed entity who is not otherwise exempt from licensure is for the sole purpose of securitization of the loans in the secondary market and that the historical practices and documented intent of the unlicensed entity is to hold such loans for not more than seven (7) days as required by O.C.G.A. §
										7-1-1001(a)(19). Examples of such documentation may include, but are not limited to, a copy of the mortgage loan purchase agreement, evidence of the securitization into a secondary market, the dates of purchase and securitization, and a sworn document executed at or before purchase by an executive officer of the loan purchaser to the effect that the sole purpose of the loan purchase is securitization of the loan in the secondary market and the purchaser will not hold the loan for more than seven (7) days; and
(q) Information security program materials maintained by the licensee in accordance with 16 C.F.R. Part 314, ("the Safeguards Rule") and Rule  80-3-1-.05, including, but not limited to, any risk assessment and incident response plan.