Required contents of individual borrower files and individual servicer files

1. Law
2. Mississippi Code
3. Banks and Financial Institutions
4. Mississippi S.A.F.E. Mortgage Act
5. In General
6. Required contents of individual borrower files and individual servicer files

1. The individual borrower files of a licensee shall contain at least the following:
   1. A mortgage origination agreement provided to the borrower containing at least the following statements:
      1. "As required by Mississippi Law, (licensed company name) has secured a bond issued by (name of insurance company), a surety company authorized to do business in this state. A certified copy of this bond is filed with the Mississippi Commissioner of Banking and Consumer Finance."
      2. "As a borrower you are protected under the Mississippi S.A.F.E. Mortgage Act."
      3. "Complaints against a licensee may be made by contacting the:

      Mississippi Department of Banking and Consumer Finance

      P.O. Drawer 12129

      Jackson, MS 39236-2129";

   2. A copy of the original loan application signed and dated by the licensee;
   3. A copy of the signed closing statement as required by HUD or documentation of denial or cancellation of the loan application;
   4. A copy of the good-faith estimate of costs provided to the borrower;
   5. A copy of the appraisal or statement of value if procured as a part of the loan application process;
   6. A copy of a loan lock-in agreement, if any, provided by the licensee;
   7. A copy of the disclosures required under Regulation Z of the federal Truth In Lending Act and other disclosures as required under federal regulations and evidence that those disclosures have been properly and timely made to the borrower; and
   8. A copy of the final signed Uniform Residential Loan Application. However, any mortgage licensee who holds a license under the provisions of the Small Loan Regulatory Law, Section 75-67-101 et seq., and the Small Loan Privilege Tax Law, Section 75-67-201 et seq., may substitute an application that is otherwise compliant with federal and state law.
   9. Additional information as required per the rules and regulations adopted by the commissioner according to Section 81-18-29.
2. The individual servicer files of a licensee shall contain at least the following:
   1. A copy of the original initial loan application signed and dated by the licensee;
   2. A copy of the final loan application signed and dated by the licensee;
   3. A copy of the signed closing statement as required by HUD or documentation of denial or cancellation of the loan application;
   4. Modification agreements;
   5. Collection/default letters and related documentation;
   6. Addendums, riders, assigned note, if applicable;
   7. Complete pay history from the time the loan was transferred or boarded;
   8. Complete comment/note history from the time the loan was transferred or boarded; and
   9. Additional information as required per the rules and regulations of this chapter as deemed by the commissioner according to Section 81-18-29.

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