Rule R162-204. Residential Mortgage Record Keeping Requirements.

As in effect on August 1, 2009

Table of Contents

• R162-204-1. Residential Mortgage Record Keeping Requirements.
• KEY
• Date of Enactment or Last Substantive Amendment
• Notice of Continuation
• Authorizing, Implemented, or Interpreted Law

R162-204-1. Residential Mortgage Record Keeping Requirements.

204.1.1 Entity Requirements. An entity licensed under the Utah Residential Mortgage Practices Act shall maintain for the period set forth in Utah Code Section 61-2c-302 the following records:

(a) Application forms;

(b) Disclosure forms;

(c) Truth-in-Lending forms;

(d) Credit reports and the explanations to the credit reports;

(e) Conversation logs;

(f) Verifications of employment, paycheck stubs, and tax returns;

(g) Proof of legal residency, if applicable;

(h) Appraisals, appraisal addenda, and records of communications between the appraiser and the registrant or lender;

(i) Underwriter denials;

(j) Notices of adverse action;

(k) Loan approval; and

(l) All other records required by underwriters involved with the transaction.

204.1.2. Principal Lending Manager Requirements. Except as provided in Subsection 204.1.2.1, the principal lending manager of an entity is responsible to make the records set forth in Section 204.1.1 available to the Division as provided in Utah Code Annotated Section 61-2c-302(3).

204.1.2.1. Defunct entity. If a licensed entity ceases doing business in Utah, an owner or director of the entity, rather than the principal lending manager, is responsible to make the records set forth in Section 204.1.1 available to the Division.

204.1.3. Disposal of Records. If an entity licensed under the Utah Residential Mortgage Practices Act disposes of the records under this section after the end of the retention schedule in Utah Code Section 61-2c-302, the entity shall dispose of the records in a reasonable manner that safeguards any personal information, as defined in Utah Code Annotated Section 13-44-102.

KEY

residential mortgage loan origination

Date of Enactment or Last Substantive Amendment

June 1, 2009

Notice of Continuation

December 13, 2006

Authorizing, Implemented, or Interpreted Law

61-2c-302