W. Va. Code R. § 106-5-5

Current through Register Vol. XLI, No. 45, November 8, 2024

Section 106-5-5 - Records That Must be Maintained by Licensed Residential Mortgage Servicers

5.1. A lender that, after closing, subsequently services a loan subject to the provisions of W. Va. Code § 31-17-1, et seq. must maintain the following records:

5.1.a. The Final Truth in Lending Act Disclosure;

5.1.b. All written correspondence, including fax transmissions, between that lender and the previous lender that held or serviced the loan;

5.1.c. HUD-1 or HUD-1A Settlement Statement, signed by borrower(s) and initial lender or settlement agent, if applicable;

5.1.d. A signed Servicing Transfer Disclosure statement;

5.1.e. The Deed of Trust;

5.1.f. Note or other instrument of indebtedness;

5.1.g. Legal instrument(s) assigning the note and deed of trust to purchaser or assignee;

5.1.h. Any appraisals of the property, if applicable;

5.1.i. All written and electronic correspondence between the servicer and the borrower including e-mails and facsimile transmissions;

5.1.j. A telephone log reflecting the date and substance of telephone conversations with borrowers;

5.1.k. A record of all cash, checks, or other monetary instruments received in connection with a residential mortgage loan showing the identity of the payor, the date received, the amount, and purpose and description of how funds were applied;

5.1.l. A record of all monies disbursed relating to the licensee's business as a mortgage lender or servicer including, but not limited to, refunds to borrowers and all disbursements of funds on behalf of borrowers or others, showing at least the payee, amount, date, and purpose of payment, including identification of the loan to which the payment relates, if any;

5.1.m. Copies of all written complaints received from customers and written records of the disposition of those complaints;

5.1.n. A general ledger and subsidiary records sufficient to produce an accurate statement of assets and liabilities and profit and loss statement on a monthly basis; and

5.1.o. A record of all charges or fees assessed to the borrower's account reflecting the amount of the charge or fee, the purpose, and the date imposed.

5.2. All records required to be maintained by section 5.1 shall be kept in the specific loan file relating to the individual borrower or loan applicant except for those records listed in subsections 5.1.j, 5.1.k, 5.1.l, 5.1.m and 5.1.n.

W. Va. Code R. § 106-5-5