ARM 2.59.1710. RECORDS TO BE MAINTAINED

(1) A mortgage broker shall create and retain a residential mortgage file. The residential mortgage file shall contain: (a) a record of all cash, checks, or other monetary instruments received in connection with each mortgage loan application showing the identity of the payor, date received, amount, and purpose; (b) applicant's name, date, name of person taking the application, HUD-1 Settlement Statement, copies of all agreements or contracts with the applicant, including any commitment and lock-in agreements, and all disclosures required by state and federal law signed and dated by the borrower, and where applicable, signed and dated by the individual mortgage broker or loan originator; (c) a record of any and all contact between the mortgage broker or loan originator and the borrower relating to the rate, terms, or conditions of the loan; (d) a copy of the evidence of insurance or insurance binder as required by the lender; (e) a copy of the statement from the investor authorizing the loan; (f) a copy of the appraisal; (g) a copy of the borrower's credit report; (h) a copy of all documentation used to support the borrower's income as required by the lender; (i) a copy of all documentation used to support the borrower's assets as required by the lender; (j) a copy of the promissory note; (k) a copy of the policy of title insurance commitment on the property securing the loan; (l) a copy of the first three pages of the deed of trust and final Truth in Lending disclosure signed by the borrower; and (m) copies of all uniform residential loan applications. (2) A mortgage broker shall maintain at its principal Montana location a trust account records file showing a sequential listing of checks written for each bank account relating to the licensee's business as a mortgage broker, showing at a minimum, check number, the payee, amount, date, and purpose of payment, including identification of the loan to which it relates, if any. The licensee shall reconcile the bank accounts monthly. (3) A mortgage broker shall maintain a spreadsheet of all residential mortgage applications taken, including all applications that are pending, closed, withdrawn, denied, or cancelled. The spreadsheet shall contain, at a minimum: (a) the first and last name of the borrower(s); (b) the property address (street, city, state, and zip code); (c) the phone number of the borrower(s); (d) the initial application date; (e) the date the credit report was requested for the borrower(s); (f) the loan amount; (g) the status of the loan (pending, closed, withdrawn, cancelled, denied); (h) the total fees received indirectly or directly by the mortgage broker at the closing of the loan; (i) the total yield spread premium received by the mortgage broker at the closing of the loan; and (j) the name of the individual mortgage broker or loan originator who originated the loan.