What are the records I must maintain?
(1) General records.
Each licensee must maintain the books, accounts, records, papers, documents, files, and other information relevant to a loan or servicing of a loan for a minimum of twenty-five months, or the period of time required by federal law, whichever is longer, after making the final entry on that loan at a licensed location.
(2) Advertising records.
These records include newspaper and print advertising, scripts of radio and television advertising, telemarketing scripts, all direct mail advertising, and any advertising distributed directly by delivery, facsimile or computer network.
(3) Other specific records.
The records required under subsection (1) of this section include, but are not limited to:
(a) All loan agreements or notes and all addendums, riders, or other documents that supplement the final loan agreements;
(b) All forms of loan applications, written or electronic (the Fannie Mae 1003 is an example);
(c) The initial rate sheet or other supporting rate information;
(d) The last rate sheet, or other supporting rate information, if there was a change in rates, terms, or conditions prior to settlement;
(e) Rate lock agreements and the supporting rate sheets or other rate supporting document;
(f) All written disclosures required by the act and federal laws and regulations. Some examples of federal law disclosures include, but are not limited to: The good faith estimate, truth in lending disclosures, Equal Credit Opportunity Act disclosures, affiliated business arrangement disclosures, and RESPA servicing disclosure statement;
(g) Documents and records of compensation paid to employees and independent contractors;
(h) An accounting of all funds received in connection with loans with supporting data;
(i) Settlement statements (the final HUD-1 or HUD-1A);
(j) Broker loan document requests (may also be known as loan document request or demand statements) that include any prepayment penalties, terms, fees, rates, yield spread premium, loan type and terms;
(k) Records of any fees refunded to applicants for loans that did not close;
(l) All file correspondence and logs;
(m) All mortgage broker contracts with lenders and all other correspondence with the lenders; and
(n) All documents used to support the underwriting approval.
(4) Loan servicing documents. See subsection (1) of this section.
(5) Abandoned records. If you do not maintain your records as required, you are responsible for the costs of collection, storage, conversion to electronic format, or proper destruction of the records.
[Statutory Authority: RCW 43.320.040 and 31.04.165. 12-18-047, § 208-620-520, filed 8/29/12, effective 11/1/12. Statutory Authority: RCW 43.320.040, 31.04.165 and 2010 c 35. 10-20-122, § 208-620-520, filed 10/5/10, effective 11/5/10. Statutory Authority: RCW 43.320.040, 31.04.165, 2009 c 120, and 2009 c 149. 09-24-090, § 208-620-520, filed 12/1/09, effective 1/1/10. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175. 06-04-053, § 208-620-520, filed 1/27/06, effective 2/27/06.]