Bill > SB2711

This bill clarifies and revises the required contents of individual borrower and servicer files for licensed mortgage companies in Mississippi, ensuring these files contain specific documentation related to loan origination, closing, and federal disclosures. For borrower files, it mandates that mortgage origination agreements include statements about the company's bond with the Mississippi Commissioner of Banking and Consumer Finance and borrower protections under the Mississippi S.A.F.E. Mortgage Act, along with contact information for the Mississippi Department of Banking and Consumer Finance for complaints. It also specifies the inclusion of signed loan applications, closing statements if required by federal law, loan estimates if federally mandated, appraisals or statements of value, loan lock-in agreements, and all disclosures required under federal law, with evidence of their timely delivery to the borrower. The bill also allows for alternative compliant applications for certain types of loans, including manufactured homes. For servicer files, it requires copies of loan applications, closing statements if federally required, modification agreements, collection and default documentation, addendums, assigned notes, complete pay histories, and comment/note histories from the time the loan was transferred or boarded. Importantly, the bill clarifies that licensees are not required to provide or retain federal disclosures unless federal law explicitly mandates it.