Section 230-RICR-40-10-2.9 - Books Accounts and RecordsA. Each Lender, Loan Broker, Small Loan Lender and Third Party Loan Servicer must document and maintain a record of all actions taken, from the original point of contact (i.e. solicitation calls, application filing, onboarding date of loan service etc.) to the final disposition of each financing request received or loan serviced, and shall maintain at a minimum, the following records: 1. For each customer: a. The address of the office where the application was received for any licensee which maintains more than one (1) locationb. A copy of the following documents:(3) All documents, correspondence and account activity for each loan serviced including but not limited to all attempted and/or completed contacts with each consumer(4) All required TILA-RESPA Integrated Disclosures(5) Title waiver forms pursuant to R.I. Gen. Laws §§ 19-9-5 and 19-9-6(6) Adverse action, where applicable(7) Signed rate lock agreements, where applicable, with lender rate lock confirmation(8) Copies of mortgage documents containing fee disclosures required by statute(9) Date the application was considered complete for purposes of Federal Regulation Bc. A loan log which contains, at a minimum, the name of the Applicant, the date the application was received, the date the application was approved, withdrawn or denied, and the date the loan closed.2. The above documents and other records must be kept on file for a minimum of three (3) years from the application date for Loan Brokers and a minimum of three (3) years from the date a loan is paid in full, sold or transferred to another servicer for Lenders, Small Loan Lenders and Third Party Loan Servicers.3. A complete list of all loans brokered, funded or serviced from the date of the later of the last Division of Banking examination or the date of licensing.4. Any licensee that is located outside of the United States, must upload into the NMLS a signed, notarized statement that the licensee agrees that all records necessary for examination will be housed in the United States or will be provided to the Department for the purpose of conducting examinations and/or investigations.230 R.I. Code R. 230-RICR-40-10-2.9
Adopted effective 1/1/2019
Amended effective 6/27/2022