Maintenance of Individual Borrower Files

Maintenance of Individual Borrower Files The required mortgage company files shall be kept at the Books and Records Information address listed on the NMLS system. These records are to be maintained in a secure format separate from any and all other business records, including other state mortgage records, for a minimum of five (5) years from the date of final disposition of the loan application. The records must be kept in a secure onsite or offsite location under conditions that will not lead to their damage or destruction. An onsite secure location would include the licensed branch office of origination or the main office location of the company. If the branch office or office of origination becomes unlicensed, the mortgage records must be maintained at the same location where the main office records are maintained according to the NMLS system or another licensed branch location. The location of the records for that unlicensed branch must be updated in the Books and Records Section of NMLS at the time of the branch closure. An off-site secure location may include a storage facility and may not include a person’s home, unless this is the licensed location of the mortgage broker or lender. The records, whether kept at an onsite or offsite location, must be accessible to Department examiners during normal business hours, with or without prior notice. The Commissioner in his or her sole discretion, after giving written notice, may require records to be maintained for a longer period of time.