OAR 441-446-0230. Recordkeeping Requirements for Residential Mortgage Loans

In addition to the recordkeeping requirements contained in 441-446-0210, a dealer that takes an application for a residential mortgage loan must prepare and maintain all documentation related to the loan, including but not limited to the following: (1) A copy of each loan application form signed by the borrower; (2) A copy of all documentation relied upon in making the loan decision; (3) A copy of all documents submitted by a borrower to the dealer in connection with the loan application; (4) A copy of any documents noting approval or denial of a borrower’s mortgage loan application; (5) A copy of all correspondence with the borrower in writing or in a format easily converted to writing; (6) A copy of all Truth in Lending Act disclosure statements required by Regulation Z, 12 C.F.R. Part 1026; (7) A copy of an authorization signed by the borrower to release credit information to the dealer for evaluating whether to extend credit to the borrower; (8) A copy of every credit report accessed by the dealer in connection with the loan; (9) A copy of the retail installment contract signed by both parties, the note, or a copy of another form of agreement signed by the parties evidencing the terms of the transaction for the manufactured structure; (10) A copy of the purchase agreement signed by the borrower; (11) A copy of the ownership documents filed with the director under ORS 446.561 et seq.; and (12) A copy of the borrower’s payment schedule and a copy of receipts for loan payment received by the dealer.