224.75 Record-keeping requirements for licensees.

299 words·~1 min read·/wi/chapter-224/224-75

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Required records; loan application or servicing documents.

(a)Fee record system. A mortgage banker or mortgage broker shall establish and maintain a record system which shows all fees which a mortgage banker or mortgage broker charged a residential mortgage loan applicant or a mortgagor in connection with a residential mortgage loan. The record shall show the application or disposition of those fees.

(b)Loan application record system. A mortgage banker or mortgage broker shall establish and maintain a record system containing all of the following information for each residential mortgage loan application:

1. The application date.

2. The name of the applicant.

3. The address of the property to be mortgaged.

4. The disposition of the application and the reason for the particular disposition.

5. The type of loan.

6. The name of the mortgage loan originator.

7. The loan amount.

(c)Loan application documents. A mortgage banker or mortgage broker shall maintain for each residential mortgage loan application all of the following documents, if used by the mortgage banker or mortgage broker in connection with the residential mortgage loan application file:

1. The completed loan application.

2. The loan commitment.

3. The disclosure statement required by 15 USC 1601 to 1693r and regulations adopted under that law.

4. The loan closing statement.

5. A copy of the mortgage note or bond.

6. A copy of the letter rejecting the application.

7. The appraisal report.

8. The credit report.

9. Any other documents, records or forms shown to or signed by a loan applicant.

(d)Loan servicing records and documents. A mortgage banker shall maintain for each residential mortgage loan serviced by the mortgage banker a copy of or a record of all of the following:

1. All correspondence relating to the loan.