Current as of January 01, 2018 | Updated by FindLaw Staff
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(1) Each licensee shall maintain a journal of mortgage transactions at the principal place of business as stated on its license for all Mississippi residential loans that the licensee originated and/or funded. This journal shall be separate from non-Mississippi loans. The journal shall include at least the following information:
(a) Name of applicant and co-applicant, if applicable;
(b) Date of application;
(c) Disposition of loan application, indicating date of loan closing, loan denial, withdrawal and name of lender if applicable;
(d) Property address;
(e) Loan amount;
(f) Terms;
(g) Loan program; and
(h) Loan originator.
(2) Each licensee shall maintain a journal of serviced loans at the principal place of business as stated on its license, for all Mississippi residential loans that the licensee owns and/or services. This journal shall be kept separate from non-Mississippi loans. The journal shall include at least the following information:
(a) The number of mortgage loans the licensee is servicing;
(b) The type and characteristics of the loans;
(c) The number of serviced loans in default, along with a breakdown of thirty-, sixty- and ninety-day delinquencies;
(d) Information on loss mitigation activities, including details on workout arrangements undertaken and date loss mitigation application was submitted/approved/denied;
(e) Information on foreclosures commenced and completed;
(f) Name of applicant and co-applicant, if applicable; and
(g) Date the loan was boarded/deboarded, if applicable.
Cite this article: FindLaw.com - Mississippi Code Title 81. Banks and Financial Institutions § 81-18-35. Mortgage transaction journal requirements - last updated January 01, 2018 | https://codes.findlaw.com/ms/title-81-banks-and-financial-institutions/ms-code-sect-81-18-35/
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