Florida Regulations 69V-40.260: Mortgage Lender Files
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(1) Each mortgage lender shall maintain a file for each mortgage loan application received. The files shall be maintained in a central location and in an alphabetical or numerical sequence.
(2) Each file shall contain the following:
(a) A copy of the good faith estimate.
(b) The original mortgage loan application, or copy thereof.
(c) Copy of the closing statement as required by subFlorida Statutes § 494.0016(3), or documentation demonstrating that the mortgage loan application was cancelled or denied.
(d) Copy of any written lock-in agreement, if issued, containing the requirements set forth in Florida Statutes § 494.0069
(e) Copy of any written commitment, if issued, containing the disclosures set forth in Florida Statutes § 494.007
(f) Copy of written disclosures of any conflict of interest as required by Florida Statutes § 494.0023
(3) Each mortgage lender shall maintain supporting documentation of all expenses or fees paid by the mortgage lender. The supporting documentation shall indicate the name and address of the person paid, the amount and date of the payment, and a description of the products or services purchased. Invoices from third parties involving multiple loans, maintained in a central file, need not be copied and placed in each individual loan file. A cancelled check maintained in a separate file shall be considered proof of payment of fees and expenses.
(4) If the mortgage lender sells a mortgage loan to a noninstitutional investor then each file must contain the following:
(a)1. A copy of the appraisal or opinion of value of the mortgage property and a signed and dated acknowledgement of receipt of same by the noninstitutional investor; or
2. A copy of a waiver of the appraisal or opinion of value dated and executed by the noninstitutional investor.
(b)1. A receipt acknowledging that the noninstitutional investor has been furnished with mortgagee‘s title insurance, or a legal opinion of title by an attorney licensed in Florida, pursuant to section 494.0075(1)(b), F.S.; or
2. A written waiver thereof with the wording required by section 494.0075(1)(b)3., F.S.
(c) On a junior mortgage, a copy of the statement furnished to the noninstitutional investor showing the balance owed and the status of the liens that will be superior to the liens being recorded in the favor of the noninstitutional investor in this loan transaction.
(d) A copy of the written disclosure to the noninstitutional investor if the mortgage lender is directly or indirectly acting as a borrower or principal in the transaction.
(e) A signed and dated acknowledgement by the noninstitutional investor of receipt of the recorded mortgage or other instrument securing a note or assignment, or a signed acknowledgement by the licensee attesting that the aforementioned documentation was delivered to the noninstitutional investor. However, the mortgage lender may hold such documents in its possession for the use and benefit of the noninstitutional investor if:
1. The noninstitutional investor shall request same in writing; and,
2. Said written request acknowledges the right of the noninstitutional investor to the possession of the original documents at any time; and,
3. Said written request confirms the right of the noninstitutional investor to at any time terminate the agreement with the mortgage lender and request that the mortgage lender deliver all such documents to the noninstitutional investor forthwith.
The written request, which includes subparagraphs 1. through 3. above, may be maintained in one location separate from the mortgage loan file.
(f) A copy of the original note evidencing proper endorsement of the note by the lender to the noninstitutional investor.
(g) A copy of the written servicing agreement if the loan is to be serviced by the mortgage lender.
(5) If the mortgage lender acts as a mortgage broker it must comply with the file requirement set forth in Fl. Admin. Code R. 69V-40.175
(6) A mortgage lender which services a mortgage loan for a noninstitutional investor shall enter into a written servicing agreement with the noninstitutional investor prior to servicing the mortgage loan. The mortgage lender may enter into a master servicing agreement with the noninstitutional investor, and such master agreement may be maintained in one central location. A master servicing agreement is not required to be copied and placed in each individual loan file.
(7) All documentation originated or received by a mortgage lender must be maintained for three years from the date of original entry. “”Original entry”” means the date the documentation was originated or received by the licensee. For each lending transaction, files and documentation shall be maintained and remain complete for three years from the original entry date of the last document.
Rulemaking Authority Florida Statutes § 494.0016(4). Law Implemented 494.0016, 494.00255, 494.0023, 494.0069, 494.007, 494.0075 FS. History-New 1-10-93, Amended 7-25-96, 8-7-97, Formerly 3D-40.260, Amended 10-1-10, 11-9-15.
Terms Used In Florida Regulations 69V-40.260
- Appraisal: A determination of property value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
(a) A copy of the good faith estimate.
(b) The original mortgage loan application, or copy thereof.
(c) Copy of the closing statement as required by subFlorida Statutes § 494.0016(3), or documentation demonstrating that the mortgage loan application was cancelled or denied.
(d) Copy of any written lock-in agreement, if issued, containing the requirements set forth in Florida Statutes § 494.0069
(e) Copy of any written commitment, if issued, containing the disclosures set forth in Florida Statutes § 494.007
(f) Copy of written disclosures of any conflict of interest as required by Florida Statutes § 494.0023
(3) Each mortgage lender shall maintain supporting documentation of all expenses or fees paid by the mortgage lender. The supporting documentation shall indicate the name and address of the person paid, the amount and date of the payment, and a description of the products or services purchased. Invoices from third parties involving multiple loans, maintained in a central file, need not be copied and placed in each individual loan file. A cancelled check maintained in a separate file shall be considered proof of payment of fees and expenses.
(4) If the mortgage lender sells a mortgage loan to a noninstitutional investor then each file must contain the following:
(a)1. A copy of the appraisal or opinion of value of the mortgage property and a signed and dated acknowledgement of receipt of same by the noninstitutional investor; or
2. A copy of a waiver of the appraisal or opinion of value dated and executed by the noninstitutional investor.
(b)1. A receipt acknowledging that the noninstitutional investor has been furnished with mortgagee‘s title insurance, or a legal opinion of title by an attorney licensed in Florida, pursuant to section 494.0075(1)(b), F.S.; or
2. A written waiver thereof with the wording required by section 494.0075(1)(b)3., F.S.
(c) On a junior mortgage, a copy of the statement furnished to the noninstitutional investor showing the balance owed and the status of the liens that will be superior to the liens being recorded in the favor of the noninstitutional investor in this loan transaction.
(d) A copy of the written disclosure to the noninstitutional investor if the mortgage lender is directly or indirectly acting as a borrower or principal in the transaction.
(e) A signed and dated acknowledgement by the noninstitutional investor of receipt of the recorded mortgage or other instrument securing a note or assignment, or a signed acknowledgement by the licensee attesting that the aforementioned documentation was delivered to the noninstitutional investor. However, the mortgage lender may hold such documents in its possession for the use and benefit of the noninstitutional investor if:
1. The noninstitutional investor shall request same in writing; and,
2. Said written request acknowledges the right of the noninstitutional investor to the possession of the original documents at any time; and,
3. Said written request confirms the right of the noninstitutional investor to at any time terminate the agreement with the mortgage lender and request that the mortgage lender deliver all such documents to the noninstitutional investor forthwith.
The written request, which includes subparagraphs 1. through 3. above, may be maintained in one location separate from the mortgage loan file.
(f) A copy of the original note evidencing proper endorsement of the note by the lender to the noninstitutional investor.
(g) A copy of the written servicing agreement if the loan is to be serviced by the mortgage lender.
(5) If the mortgage lender acts as a mortgage broker it must comply with the file requirement set forth in Fl. Admin. Code R. 69V-40.175
(6) A mortgage lender which services a mortgage loan for a noninstitutional investor shall enter into a written servicing agreement with the noninstitutional investor prior to servicing the mortgage loan. The mortgage lender may enter into a master servicing agreement with the noninstitutional investor, and such master agreement may be maintained in one central location. A master servicing agreement is not required to be copied and placed in each individual loan file.
(7) All documentation originated or received by a mortgage lender must be maintained for three years from the date of original entry. “”Original entry”” means the date the documentation was originated or received by the licensee. For each lending transaction, files and documentation shall be maintained and remain complete for three years from the original entry date of the last document.
Rulemaking Authority Florida Statutes § 494.0016(4). Law Implemented 494.0016, 494.00255, 494.0023, 494.0069, 494.007, 494.0075 FS. History-New 1-10-93, Amended 7-25-96, 8-7-97, Formerly 3D-40.260, Amended 10-1-10, 11-9-15.