How must Loan Processors handle loan files?
Follow these guidelines when processing loan files: • Loan files must always reside at a licensed location. The location can be a branch of the mortgage broker’s office or a separate processing office licensed under the act. • A licensed loan originator processing files for more than one mortgage broker can process the loan files at each mortgage broker’s main or branch office, moving from company to company. Or the licensed loan originator can open an office that is licensed as a branch of each mortgage company with whom they contract to process loans. • If the Loan Processor creates and keeps a duplicate loan file, that file must be consistent with the original file kept by the mortgage broker. • Files may be kept in paper form or in a variety of electronic media. The originating mortgage broker is the owner of the mortgage file and is required to keep the file for a minimum of twenty-five months.
Related Questions
- Our processors operate from a centralized location but loan officers and underwriters operate all over the country from the comfort of their own home, much as Account Executives and Business Development Officers do for SBA lenders and many banks. Q: Is PetroMAC aware of sites that are for sale?
- Can I obtain files or transparencies of non-standard images, for example loan paintings, National Gallery paintings in their frames, x-rays, infra-reds, or conservation material?
- Are there any word processors that encrypt their text files?
