| (i) the disclosure required by Article XVI, Section
50(k)(9), Texas Constitution;
(ii) the certificate of counseling required by Article
XVI, Section 50(k)(8), Texas Constitution;
(iii) the servicing disclosure statement required by
Regulation X, 12 C.F.R. §1024.33(a);
(iv) the disclosures required by Regulation Z, 12 C.F.R. §1026.33(b);
and
(v) any other notice or disclosure required by federal
or state law to originate a reverse mortgage;
(3) Other Records Required by Federal Law. An originator
must maintain such other books and records as may be required to evidence
compliance with applicable federal laws and regulations, including,
but not limited to:
(A) the Fair Credit Reporting Act (15 U.S.C. §1681
et seq.) and Regulation V (12 C.F.R. §1022.1 et seq.);
(B) the Gramm-Leach-Bliley Act (15 U.S.C. §6801
et seq.) and Regulation P (12 C.F.R. §1016.1 et seq.), and the
regulations of the Federal Trade Commission (16 C.F.R. §313.1
et seq.);
(C) the Secure and Fair Enforcement for Mortgage Licensing
Act (12 U.S.C. §5101 et seq.) and Regulation H (12 C.F.R. §1008.1
et seq.); and
(D) Regulation N (Mortgage Acts and Practices-Advertising
(MAP Rule); 12 C.F.R. §1014.1 et seq.); and
(4) Other Records of an Originator Designated by the
Commissioner. An originator must maintain such other books and records
as the Commissioner or the Commissioner's designee may, from time
to time, specify in writing.
(c) Required Records of a Mortgage Banker. A mortgage
banker must maintain the following records:
(1) General Business Records. General business records
include:
(A) all checkbooks, check registers, bank statements,
deposit slips, withdrawal slips, and cancelled checks (or copies thereof)
relating to residential mortgage loan origination business;
(B) complete records (including invoices and supporting
documentation) for all expenses and fees paid on behalf of a mortgage
applicant, including a record of the date and amount of all such payments
actually made by each mortgage applicant;
(C) all federal tax withholding forms, reports of income
for federal taxation, and evidence of payments to all employees of
the mortgage banker, independent contractors, and all others compensated
by the mortgage banker in connection with residential mortgage loan
origination business;
(D) all written complaints or inquiries (or summaries
of any verbal complaints or inquiries) along with any correspondence,
notes, responses, and documentation relating thereto and the disposition
thereof;
(E) all contractual agreements or understandings with
third parties in any way relating to a residential mortgage loan transaction
including, but not limited to, any delegations of underwriting authority,
any agreements for pricing of goods or services, investor contracts,
or employment agreements;
(F) all reports of audits, examinations, inspections,
reviews, investigations, or similar, performed by any third party,
including any regulatory or supervisory authorities;
(G) all advertisements in the medium (e.g., recorded
audio, video, Internet or social media site posting, or print) in
which they were published or distributed; and
(H) policies and procedures related to the origination
of residential mortgage loans by the mortgage banker and its sponsored
originators, including, but not limited to:
(i) identity theft prevention program (red flags rule;
16 C.F.R. §681.1(d));
(ii) anti-money laundering program (31 C.F.R. §1029.210);
(iii) information security program (16 C.F.R. §314.3(a));
(iv) ability-to-repay underwriting policies, if any
(Regulation Z, 12 C.F.R. §1026.43(c));
(v) quality control policy, if any;
(vi) compliance manual, if any; and
(vii) personnel administration/employee policies, if
any;
(2) Records Concerning Administrative Offices. A mortgage
banker must maintain a list reflecting any office constituting an
"administrative office" of the mortgage banker for purposes of §80.206
of this title (relating to Office Locations; Remote Work); and
(3) Records Concerning Remote Work. A mortgage banker
must maintain records reflecting its compliance with the requirements
for remote work, as provided by §80.206 of this title (relating
to Office Locations; Remote Work).
(d) Records Retention After Terminating Operations.
Within 10 days of terminating operations, a mortgage banker or originator
must provide the Department with written notice of where the required
records will be maintained for the prescribed period. If such records
are transferred to another mortgage banker registered with the Department,
the transferee must provide the Department with written notice within
10 days after receiving such records.
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