Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › RECORDKEEPING › Section 208-620-520 - What are the records I must maintain and for how long must I maintain them?

Current through Register Vol. 24-14, July 15, 2024
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.
(3)
Other specific records.
The records required under subsection (1)
				of this section include, but are not limited to:
(a) All loan agreements or notes and all
				addendums, riders, or other documents that supplement the final loan
				agreements;
(b) All forms of loan
				applications, written or electronic (the Fannie Mae 1003 is an
				example);
(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;
(g) Documents and records of compensation
				paid to employees and independent contractors;
(h) An accounting of all funds received in
				connection with loans with supporting data;
(i) Settlement statements (for example, the
				final HUD-1, HUD-1A or federal closing disclosure);
(j) Broker loan document requests (may also
				be known as loan document request or demand statements) that include any
				prepayment penalties, terms, fees, rates, yield spread premium, loan type and
				terms;
(k) Records of any fees
				refunded to applicants for loans that did not close;
(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
(o) All documents that evidence a financial
				commitment made to protect a rate of interest during a rate lock
				period.