Memo SLRM 2001-2
To: Supervised Lenders
From: Kevin C. Glendening, Deputy Commissioner
Date: October 19, 2001
RE: Minimum documentation to be retained for examination purposes
Pursuant to K.S.A. 16a-1-101 et seq., this agency may conduct examinations of the loans, business and records of all supervised lenders. This memorandum is intended to provide information and general guidance regarding minimum documentation licensees are expected to maintain for examination purposes. The records pertaining to any loan should be preserved for two years after making the final entry relating to the loan. In case of a revolving loan account the two years is measured from the date of each entry. Routine examinations will encompass a variety of areas including a review of loan files to ensure consumer protection and compliance with state and federal laws.
Documents to be retained for review, if applicable:
Application
Good Faith Estimate(s)
HUD Settlement Statement
Appraisal or most recent records of the County Tax Assessor
Kansas High Loan-To-Value Notice and Section 32 Disclosure
Any written agreements with borrower describing fees, broker compensation, etc.
Note and any applicable contract addendum(s) or rider(s)
Filed Mortgage or Deed
Title Policy or Search
Early and Final Truth-in-Lending Disclosure Statement - including an itemization of the amount
financed and an itemization of any prepaid finance charges
Credit Insurance Requests and Insurance Certificates
Invoices for Appraisal, Title Work, Credit Report and any other closing costs
Rescission Notice or Waiver of Rescission
Complete payment histories on accounts being
serviced, including principal balances, payment amount, date paid, amount to interest, amount
to principal, amount to late fee, amount to escrow, etc. and an explanation of transaction
codes, if used (K.S.A. 16a-2-304).
Assignment of mortgage and note, if applicable
Log of accounts paid by credit insurance
Log of repossessed accounts
The documentation described in this memorandum represents minimum guidelines. Depending upon circumstances, examiners may request additional information. Please feel free to contact this office if you have questions or concerns.
