2.59.1710    RECORDS TO BE MAINTAINED BY MORTGAGE BROKERS

(1) A mortgage broker shall create and retain a residential mortgage file. The residential mortgage file shall contain:

(a) a record of all cash, checks, or other monetary instruments received in connection with each mortgage loan application showing the identity of the payor, date received, amount, and purpose;

(b) applicant's name, date, name of person taking the application, HUD-1 Settlement Statement, copies of all agreements or contracts with the applicant, including any commitment and lock-in agreements, and all disclosures required by state and federal law signed and dated by the borrower, and where applicable, signed and dated by the individual mortgage broker or loan originator;

(c) copies of the loan estimate and closing disclosures required by the Truth in Lending Act � Real Estate Settlement Practices Act (TILA-RESPA) Integrated Disclosure (TRID) rule, which must be signed and dated by the borrowers;

(d) a record of any and all contact between the mortgage broker or loan originator and the borrower relating to the rate, terms, or conditions of the loan;

(e) a copy of the evidence of insurance or insurance binder as required by the lender;

(f) a copy of the statement from the investor authorizing the loan;

(g) a copy of the appraisal;

(h) a copy of the borrower's credit report;

(i) a copy of all documentation used to support the borrower's income as required by the lender;

(j) a copy of all documentation used to support the borrower's assets as required by the lender;

(k) a copy of the promissory note;

(l) a copy of the policy of title insurance commitment on the property securing the loan;

(m) a copy of the first three pages of the deed of trust and final Truth in Lending disclosure signed by the borrower; and

(n) copies of all uniform residential loan applications.

(2) A mortgage broker shall maintain a spreadsheet of all residential mortgage applications taken, including all applications that are pending, closed, withdrawn, denied, or cancelled. The spreadsheet shall contain, at a minimum:

(a) the first and last name of the borrower(s);

(b) the property address (street, city, state, and zip code);

(c) the phone number of the borrower(s);

(d) the initial application date;

(e) the date the credit report was requested for the borrower(s);

(f) the loan amount;

(g) the status of the loan (pending, closed, withdrawn, cancelled, denied);

(h) the total fees received indirectly or directly by the mortgage broker at the closing of the loan;

(i) the total adjusted origination charges received by the mortgage broker at the closing of the loan;

(j) the name of the individual mortgage loan originator who originated the loan; and

(k) the names of all individuals who received compensation for originating or assisting in the origination of the loan.�

History: 32-9-130, MCA; IMP, 32-9-121, 32-9-124, MCA; NEW, 2006 MAR p. 2104, Eff. 9/8/06; AMD, 2008 MAR p. 2034, Eff. 9/26/08; AMD, 2010 MAR p. 307, Eff. 2/12/10; AMD, 2015 MAR p. 2249, Eff. 12/25/15.