Journal of mortgage transactions for Mississippi residential loans that licensee originates and/or funds; journal of serviced loans for Mississippi residential loans that licensee owns and/or services

  1. Law
  2. Mississippi Code
  3. Banks and Financial Institutions
  4. Mississippi S.A.F.E. Mortgage Act
  5. In General
  6. Journal of mortgage transactions for Mississippi residential loans that licensee originates and/or funds; journal of serviced loans for Mississippi residential loans that licensee owns and/or services

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  1. Each licensee shall maintain a journal of mortgage transactions at the principal place of business as stated on its license for all Mississippi residential loans that the licensee originated and/or funded. This journal shall be separate from non-Mississippi loans. The journal shall include at least the following information:
    1. Name of applicant and co-applicant, if applicable;
    2. Date of application;
    3. Disposition of loan application, indicating date of loan closing, loan denial, withdrawal and name of lender if applicable;
    4. Property address;
    5. Loan amount;
    6. Terms;
    7. Loan program; and
    8. Loan originator.
  2. Each licensee shall maintain a journal of serviced loans at the principal place of business as stated on its license, for all Mississippi residential loans that the licensee owns and/or services. This journal shall be kept separate from non-Mississippi loans. The journal shall include at least the following information:
    1. The number of mortgage loans the licensee is servicing;
    2. The type and characteristics of the loans;
    3. The number of serviced loans in default, along with a breakdown of thirty-, sixty- and ninety-day delinquencies;
    4. Information on loss mitigation activities, including details on workout arrangements undertaken and date loss mitigation application was submitted/approved/denied;
    5. Information on foreclosures commenced and completed;
    6. Name of applicant and co-applicant, if applicable; and
    7. Date the loan was boarded/deboarded, if applicable.


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