§ 37-22-220. Maintenance of records by licensee; annual mortgage reports.

531 words·~2 min read·/sc/title-37-consumer-protection-code/chapter-22/mortgage-lending/37-22-220·

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(A)A licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the commissioner to determine if the licensee is complying with the provisions of this chapter and other state and federal laws. The recordkeeping system of a licensee is sufficient if it makes the required information reasonably available. The records need not be kept in the place of business where loans are made if the commissioner is given free access to the records wherever located and the licensee pays the reasonable cost of their examination.

(B)On or before March thirty-first each year, a licensee shall file with the commissioner an annual report in the form prescribed by the commissioner relating to all mortgage loans made, serviced, or brokered by it. The licensee shall pay a fine of one hundred dollars a day for each late or incomplete annual report.

(C)The mortgage loan report shall include, but is not limited to, the total number and dollar amounts in connection with all mortgage loans, of:

(1)first and subordinate lien loans originated by licensee and closed in the name of another party;

(2)first and subordinate lien loans originated by another party and closed in the name of the licensee;

(3)first and subordinate lien loans originated by and closed in the name of the licensee;

(4)first and subordinate lien loans originated by and closed in the name of another party but funded by licensee;

(5)loans purchased by licensee;

(6)first and subordinate lien loans serviced by licensee;

(7)loans owned with and without servicing rights;

(8)loans sold with and without servicing rights;

(9)loans paid off before and at maturity;

(10)unpaid loans at the beginning and end of the reporting year;

(11)delinquent loans that are 30-59, 60-89, and ninety days or more delinquent, of all the loans the licensee owned as of December thirty-first;

(12)loans in foreclosure as of December thirty-first and foreclosed in the previous calendar year by licensee;

(13)mortgage loans charged against reserve for loan losses as a result of foreclosures during the reporting year; and

(14)loans repurchased during the previous calendar year.

(D)The annual report also must include the total gross revenue earned in this State under this license, the total dollar amount of points paid to the licensee by borrowers on first and subordinate lien mortgage loans, the total dollar amount of points paid to brokers by the licensee on first and subordinate lien mortgage loans, including yield spread premiums, and the lending institution, maximum amount available, outstanding balance, and expiration date of licensee's four largest warehouse lines of credit during the previous calendar year.

(E)Information contained in annual reports is confidential and may be published only in composite form.

(F)The commissioner annually shall submit to the department, in a form prescribed by the Department of Consumer Affairs and no later than April thirtieth, the data that it collected. The department shall prepare and make available to the public a report based on the data. The report must be available by June thirtieth each year.