Miss. Code § 81-18-33

Current through 6/1/2024

Section 81-18-33 - Required contents of individual borrower files and individual servicer files

(1) The individual borrower files of a licensee shall contain at least the following:

(a) A mortgage origination agreement provided to the borrower containing at least the following statements:

(i) "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."

(ii) "As a borrower you are protected under the Mississippi S.A.F.E. Mortgage Act."

(iii) 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;

(b) A copy of the original loan application signed and dated by the licensee;

(c) A copy of the signed closing statement as required by HUD or documentation of denial or cancellation of the loan application;

(d) A copy of the loan estimate of costs provided to the borrower;

(e) A copy of the appraisal or statement of value if procured as a part of the loan application process;

(f) A copy of a loan lock-in agreement, if any, provided by the licensee;

(g) 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;

(h) 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; and

(i) 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:

(a) A copy of the original initial loan application signed and dated by the licensee;

(b) A copy of the final loan application signed and dated by the licensee;

(c) A copy of the signed closing statement as required by HUD or documentation of denial or cancellation of the loan application;

(d) Modification agreements;

(e) Collection/default letters and related documentation;

(f) Addendums, riders, assigned note, if applicable;

(g) Complete pay history from the time the loan was transferred or boarded;

(h) Complete comment/note history from the time the loan was transferred or boarded; and

(i) Additional information as required per the rules and regulations of this chapter as deemed by the commissioner according to Section 81-18-29.

Miss. Code § 81-18-33

Laws, 2000, ch. 579, § 17; reenacted without change, Laws, 2002, ch. 500, § 18; reenacted and amended, Laws, 2004, ch. 364, § 18; reenacted and amended, Laws, 2007, ch. 581, § 19; Laws, 2009, ch. 544, § 17; reenacted and amended, Laws, 2010, ch. 462, § 20; reenacted without change, Laws, 2012, ch. 571, § 19, eff. 7/1/2012.

Reenacted and amended by Laws, 2020, ch. 310, SB 2427,§ 20, eff. 7/1/2020.

Reenacted and amended by Laws, 2016, ch. 360, SB 2504, 20, eff. 7/1/2016.