Rule 2.59.1710 - RECORDS TO BE MAINTAINED BY MORTGAGE BROKERS(1) A mortgage broker shall create and retain a residential mortgage file. The residential mortgage file shall contain: (a) a record of all cash, checks, or other monetary instruments received in connection with each mortgage loan application showing the identity of the payor, date received, amount, and purpose; (b) applicant's name, date, name of person taking the application, HUD-1 Settlement Statement, copies of all agreements or contracts with the applicant, including any commitment and lock-in agreements, and all disclosures required by state and federal law signed and dated by the borrower, and where applicable, signed and dated by the individual mortgage broker or loan originator;(c) copies of the loan estimate and closing disclosures required by the Truth in Lending Act - Real Estate Settlement Practices Act (TILA-RESPA) Integrated Disclosure (TRID) rule, which must be signed and dated by the borrowers;(d) a record of any and all contact between the mortgage broker or loan originator and the borrower relating to the rate, terms, or conditions of the loan;(e) a copy of the evidence of insurance or insurance binder as required by the lender;(f) a copy of the statement from the investor authorizing the loan;(g) a copy of the appraisal;(h) a copy of the borrower's credit report;(i) a copy of all documentation used to support the borrower's income as required by the lender;(j) a copy of all documentation used to support the borrower's assets as required by the lender;(k) a copy of the promissory note;(l) a copy of the policy of title insurance commitment on the property securing the loan;(m) a copy of the first three pages of the deed of trust and final Truth in Lending disclosure signed by the borrower; and(n) copies of all uniform residential loan applications.(2) A mortgage broker shall maintain a spreadsheet of all residential mortgage applications taken, including all applications that are pending, closed, withdrawn, denied, or cancelled. The spreadsheet shall contain, at a minimum:(a) the first and last name of the borrower(s);(b) the property address (street, city, state, and zip code);(c) the phone number of the borrower(s);(d) the initial application date;(e) the date the credit report was requested for the borrower(s);(g) the status of the loan (pending, closed, withdrawn, cancelled, denied);(h) the total fees received indirectly or directly by the mortgage broker at the closing of the loan;(i) the total adjusted origination charges received by the mortgage broker at the closing of the loan; (j) the name of the individual mortgage loan originator who originated the loan; and(k) the names of all individuals who received compensation for originating or assisting in the origination of the loan.Mont. Admin. r. 2.59.1710
NEW, 2006 MAR p. 2104, Eff. 9/8/06; AMD, 2008 MAR p. 2034, Eff. 9/26/08; AMD, 2010 MAR p. 307, Eff. 2/12/10; AMD, 2015 MAR p. 2249, Eff. 12/25/2015.AUTH: 32-9-130, MCA; IMP: 32-9-121, 32-9-124, MCA