Is there a list of specific items that must be maintained in mortgage loan files?
No; there is not a specific list of documents the licensee/registrant should maintain. OFIR recommends all documents pertaining to a mortgage loan file be maintained so that compliance with both state and federal law can be determined. More specifically, section 21(1) of the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA), MCL 445.1671, requires the licensee/registrant to maintain books, accounts, records, and documents to enable the commissioner to determine whether the business of the licensee/registrant is conducted in accordance with the act and rules promulgated under the act. Further, section 22(a) of the MBLSLA, MCL 445.1672, requires the licensee/registrant to comply with other state and federal laws. Likewise, section 17(1) of the Secondary Mortgage Loan Act (SMLA), MCL 493.67, requires the licensee/registrant to maintain books, accounts, records, and documents to enable the commissioner to determine whether the business of the licensee/registrant is conducted
