Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS
Subject 80-11-5 - MORTGAGE LOAN ORIGINATOR LICENSURE AND OTHER REQUIREMENTS
Rule 80-11-5-.02 - Books and Records Requirements; Examination

Universal Citation: GA Rules and Regs r 80-11-5-.02

Current through Rules and Regulations filed through September 23, 2024

(1) The Department may examine the mortgage related books and records of any licensed mortgage loan originator as specified in O.C.G.A. § 7-1-1009.

(2) Any person who is acting as a mortgage loan originator and is required to be licensed shall maintain a journal of mortgage loan transactions, which shall include, at a minimum, the following information:

(a) Full name of proposed borrower and all co-borrowers;

(b) Date the mortgage loan originator took application for the mortgage loan;

(d) Disposition of the mortgage loan application and date of disposition. The journal shall indicate the result of the loan transaction. The disposition of the application shall be categorized as one of the following: loan closed, loan denied, application withdrawn, application in process or other (explanation to be provided);

(e) The journal shall be kept current, updated no less frequently than every seven (7) days. The failure to initiate an entry to the journal within seven (7) business days from the date of the occurrence of the event required to be recorded in the journal shall be deemed a failure to keep the journal current.

(f) The journal shall clearly identify if the mortgage loan originator utilized temporary authority to operate at any point in the application or loan process.

(g) Failure to maintain the mortgage loan journal or to keep the journal current (incidental and isolated clerical errors or omissions shall not be considered a violation) may be grounds for suspension or revocation of the license or other appropriate administrative action and will subject the licensee to fines in accordance with regulations prescribed by the department.

(3) All books and records and accounts required by this rule shall be maintained by a mortgage loan originator for a period of five (5) years.

O.C.G.A. §§ 7-1-1001.1, 7-1-1009, 7-1-1012.

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