Residential Borrower Files for Mortgage Loans
(1)In addition to any records required to be kept under OAR 441-730-0110 (Accounting Records of Licensee) and 441-730-0120 (Account Record to Be Maintained for Each Loan), a consumer finance company that makes or offers to make a residential mortgage loan must ensure that the following are prepared and maintained in the loan file:
(a)A summary of the key terms of the approval of the loan;
(b)A copy of each residential mortgage loan application with the signature and the unique identifier of the mortgage loan originator who took or received the application, who offered to negotiate or negotiated the loan, or who closed the loan;
(c)A copy of all documentation relied upon in making the loan decision;
(d)A copy of the borrower executed note and executed trust deed;
(e)A copy of all correspondence with the borrower in writing or in a format easily converted to writing;
(f)A copy of the good faith estimate prepared under Regulation X, 24 C.F.R. Part 3500 and translated as applicable to comply with ORS 86A.198 (Materials in languages other than English);
(g)If required to be prepared for the residential mortgage transaction, a copy of the final credit report, or the report relied upon for the loan decision, if other than the final credit report, received on the borrower including documentation of borrower payment history;
(h)If required to be prepared for the Oregon residential mortgage transaction, a copy of any disclosure required by Regulation Z, 12 C.F.R. Part 226 and translated as applicable to comply with ORS 86A.198 (Materials in languages other than English), including, but not limited to, the Truth in Lending disclosure statement;
(i)A copy of the final HUD-1 settlement statement required by 24 C.F.R. Part 3500; and
(j)A copy of the statement that notifies the borrower that loan documents associated with the transaction will be in English and that advises the borrower to obtain appropriate assistance, with any necessary translations as required by ORS 86A.195 (Restrictions on negative amortization loans).
(2)Records retained under this rule may be kept in a written format or in a format easily converted to writing.
Rule 441-730-0125 — Residential Borrower Files for Mortgage Loans,