Sec. 36a-719d. Records to be maintained by licensee.
433 words·~2 min read·
/ct/title-36a/chapter-669-regulated-activities/36a-719d·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Each mortgage servicer licensee and person exempt from licensure pursuant to subdivision
(4)or
(5)of subsection
(b)of section 36a-718 shall maintain adequate records of each residential mortgage loan transaction at the office named in the mortgage servicer or mortgage lender license, or, if requested by the commissioner, shall make such records available at such office or send such records to the commissioner by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than five business days after requested by the commissioner to do so. Upon request, the commissioner may grant a licensee additional time to make such records available or send them to the commissioner. Such records shall provide the following information:
(1)A loan history for residential mortgage loans upon which payments are received or made by the mortgage servicer, itemizing the amount and date of each payment and the unpaid balance at all times;
(2)the original or an exact copy of the note, residential mortgage or other evidence of indebtedness and mortgage deed;
(3)the name and address of the mortgage lender, mortgage correspondent lender and mortgage broker, if any, involved in the residential mortgage loan transaction;
(4)copies of any disclosures or notifications provided to the mortgagor required by state or federal law;
(5)a copy of any bankruptcy plan approved in a proceeding filed by the mortgagor or a co-owner of the property subject to the residential mortgage loan;
(6)a communications log that documents all verbal communications with the mortgagor or the mortgagor's representative;
(7)a copy of all notices sent to the mortgagor related to any foreclosure proceeding filed against the encumbered property; and
(8)information on loss mitigation activities, included details on workout arrangements undertaken.
(b)Every mortgage servicer licensee and person exempt from licensure pursuant to subdivision
(4)or
(5)of subsection
(b)of section 36a-718 shall retain the records of each residential mortgage loan serviced for not less than two years following the final payment on such residential mortgage loan, or the assignment of such residential mortgage loan, whichever occurs first, or such longer period as may be required by any other provision of law. Every mortgage servicer licensee and person exempt from licensure pursuant to subdivision
(4)or
(5)of subsection
(b)of section 36a-718 shall keep and use in its business books, accounts and records that will enable the commissioner to determine whether such mortgage servicer is complying with the provisions of sections 36a-715 to 36a-719 l , inclusive, and with any regulations adopted pursuant thereto.