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Current as of January 01, 2023 | Updated by FindLaw Staff
(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 - last updated January 01, 2023 | https://codes.findlaw.com/ms/title-81-banks-and-financial-institutions/ms-code-sect-81-18-35/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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