Section 26-C1120. RECORDKEEPING

 

1120.1For each mortgage loan brokered or originated, a licensee shall retain a file of all documents, invoices and/or other obligations for at least three (3) years after final payment is made on any mortgage loan or after the mortgage loan is sold, whichever first occurs.  Such file shall contain at a minimum, the following:

 

(a)Mortgage loan application;

 

(b)Settlement statements or forms required to be executed or completed pursuant to RESPA;

 

(c)Forms or documents required to be executed or completed pursuant to TILA;

 

(d) Financing agreement;

 

(e)Non-conventional mortgage loan disclosure;

 

(f)Written commitment;

 

(g)Lock-in agreement, if applicable;

 

(h) Promissory note;

 

(i)Documents related to any litigation against or by the licensee;

 

(j)Copies of all printed or other advertising materials circulated by the licensee; and

 

(k)Any other document that the Department may require the licensee to maintain.

 

1120.2In addition to the requirements of section 1120.1, a mortgage lender shall maintain the following, as applicable:

 

(a)A copy of the Deed of Trust;

 

(b)Lien release;

 

(c)Certification of satisfaction; and

 

(d)Any other document that the Department may require the mortgage lender to maintain.

 

1120.3In addition to the requirements of section 1120.1, a mortgage broker shall maintain:

 

(a)A copy of the mortgage loan broker agreement containing the signature(s) of applicant(s);

 

(b)A copy of all invoices or other evidence of expenses incurred in connection with the mortgage loan including, but not limited to, the property appraisal, title certificate, and credit report;

 

(c)A record of all fees collected by the broker and copies of all receipts provided to the applicant(s) for amounts paid to the broker; and

 

(d)Any other document that the Department may require the broker to maintain.

 

1120.4The licensee shall provide a copy of the documents listed in section 1120.1 to the borrower within ten (10) business days of execution or completion of the document unless federal law prescribes a different timeframe.

 

source

Final Rulemaking published at 56 DCR 4356, 4373-4374 (June 5, 2009).