Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.8 - Required Contents of Individual Borrower Files

Current through June 25, 2024
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.
. 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.
Miss. Code Ann. §
										81-18-29;
				  Effective date August 30, 2013