Rule 1301:8-7-06 | Recordkeeping.
(A) In accordance with division (B) of section 1322.34 of the Revised Code and division (C)(3) of section 1322.05 of the Revised Code, the four-year retention period commences on the date the residential mortgage loan is closed or, if the residential mortgage loan is not closed, the date of the withdrawal or denial of the residential mortgage loan application. If the residential mortgage loan is serviced by a qualified exempt entity, the four-year retention period commences on the date the residential mortgage loan is paid in full or the date the registrant ceases to service the residential mortgage loan. The retention period for advertisements commences from the date the advertisements are published, broadcast, or disseminated.
(B) A registrant or qualified exempt entity shall notify the superintendent via the NMLS of a change of location of its records pertaining to business conducted pursuant to Chapter 1322. of the Revised Code no later than five business days after the change.
(C) As used in division (E) of section 1322.34 of the Revised Code, "estimated costs of the examination" includes, in addition to the proportionate costs of the salaries of division of financial institutions employees who conduct the examination, the division's travel, lodging, and per diem expenses incurred in travel to examine the books and records. At the request of the superintendent, payment of the estimated costs of the examination, as determined by the superintendent, shall be made in advance and placed on deposit with the division. After actual costs are determined, any excess funds shall be refunded to the registrant or qualified exempt entity.
(D) All records shall be kept current and shall be available at all times during normal business hours for review by the superintendent. Records should be legible and maintained in a type size that is clearly readable without magnification and in conformity with state or federal law. Except when otherwise provided by federal or state law, records shall be maintained in English. When records are allowed to be in a language other than English, the registrant or qualified exempt entity, at its expense, shall be responsible for providing the superintendent with a full and accurate translation. For purposes of this rule, "current" means within thirty days from the date of the occurrence of the event required to be recorded.
(E) A registrant or qualified exempt entity shall segregate the records pertaining to business conducted pursuant to Chapter 1322. of the Revised Code from all other business records.
(F) Records pertaining to business conducted pursuant to Chapter 1322. of the Revised Code may be maintained in their original paper form or on an electronic storage media or system. Any records maintained on an electronic storage media or system shall meet all of the following requirements:
(1) The electronic storage media or system must preserve the records in a non-rewriteable, non-erasable format;
(2) The electronic storage media or system must verify automatically the quality and accuracy of the storage media recording process;
(3) The electronic storage media or system must serialize the original and the duplicate units of storage media, and affix a date and time for the required period of retention on both the original and duplicate;
(4) The electronic storage media or system must have the capacity to readily download indices and records preserved on the electronic storage media or system to any medium acceptable to the superintendent;
(5) Acceptable facilities and appropriate equipment must, at all times during normal business hours, be available to the superintendent for immediate, easily readable projection or production of electronic storage media or system images and for producing easily readable images;
(6) Immediate facsimile enlargement must be available upon the superintendent's request;
(7) A duplicate copy of the electronic record stored on any electronic media or system for the time required must be stored separately from the "original" electronic record;
(8) The electronic storage media or system must organize and index accurately all information maintained on both the original and duplicate storage media or system. At all times, a registrant or qualified exempt entity must be able to have indices of the electronic records being stored available for examination by the superintendent. Each index must also be duplicated and the duplicate copies must be stored separately from the original copy of each index. Original and duplicate indices must be preserved for the time required for the indexed records;
(9) An audit system will be in place providing for accountability regarding inputting of records and inputting any changes made to every original and duplicate record maintained and preserved. At all times, a registrant or qualified exempt entity must be able to have the results of the audit system available for examination by the superintendent. The audit results must be preserved for the time required for the audited records;
(10) All information necessary to access records and indices stored on the electronic storage media or system, a copy of the physical and logical file format of the electronic storage media or system, the field format of all different information types written on the electronic storage media or system, together with the appropriate documentation and information necessary to access records and indices will be maintained, kept current, and provided promptly to the superintendent, upon request;
(11) No paper documents produced or reproduced by means of an electronic storage media or system shall be destroyed until the conditions of this paragraph have been met with regard to each paper document that is to be destroyed; and
(12) At the request of the division, the records shall be printed on paper for inspection or examination without cost to the division within forty-eight hours of the request. The superintendent may grant additional time for good cause shown upon receipt of a request for additional time from the registrant or qualified exempt entity.
(G) A registrant or qualified exempt entity shall create, maintain, keep current, and preserve the following books and records:
(1) A searchable electronic spreadsheet of all borrowers for whom the registrant or qualified exempt entity has obtained residential mortgage loans. The spreadsheet shall contain for each borrower the closing date of the residential mortgage loan obtained for the borrower, the amount of the residential mortgage loan, the licensee responsible for originating the residential mortgage loan, the identity of the lender that funded or purchased the residential mortgage loan, the residential mortgage loan application date, the residential mortgage loan program type, the property address, and the identifying loan number;
(2) A borrower file for each application received which shall contain, when applicable, at least the following:
(a) A copy of the initial and final residential mortgage loan applications signed and dated by the borrower and the licensee originating the residential mortgage loan, including any attachments, supplements, or addenda thereto;
(b) Copies of verification documentation, including written authorizations to order credit reports, income verifications, deposit and asset verification, all copies of the credit reports and any supplements to the credit report, and any correspondence to any person regarding credit repair;
(c) Copies of written or electronic communications, including underwriting decisions, opinions, or prequalification correspondence, interest rate lock-ins, residential mortgage loan commitments, and notes in connection with that residential mortgage loan application or its ultimate disposition;
(d) Copies of all state and federal disclosures or forms applicable to the borrower, both initial and any revised versions.
(e) A copy of each appraisal and the corresponding appraisal invoice and order form; and
(f) Receipts or other documentation for any fees collected by the registrant or qualified exempt entity from the borrower for payment to bona fide, third-party service providers.
(3) A file of all advertisements.
(4) General business records, including:
(a) All agreements with lenders to whom residential mortgage loan applications are submitted;
(b) All checkbooks, check registers, bank statements, deposit slips, withdrawal slips, and canceled checks or electronic images;
(c) Copies of checks made payable to a registrant or qualified exempt entity from a borrower or other entity paying a fee for the services of the registrant, qualified exempt entity, or licensee;
(d) Documentation to support the source of and purpose for each receipt and disbursement of funds in order that the receipts may be reconciled to bank deposits and to the books of the registrant or qualified exempt entity. Settlement statements are not acceptable proof of receipt for purposes of this rule;
(e) Copies of all federal tax withholding forms, reports of income for federal taxation, and evidence of payments to all employees, independent contractors and others compensated by the registrant or qualified exempt entity in connection with the conduct of mortgage lending business;
(f) Copies of all contractual arrangements or understandings with employees, independent contractors, and third parties that relate in any way to the providing of residential mortgage broker or mortgage lending services, including any agreements for the pricing of goods or services, any investor contracts, any employment agreements, and any non-compete agreements;
(g) Copies of organizational documents, including articles of incorporation, corporate minutes, and documents evidencing corporate name changes and change of ownership or officers; and
(h) Such other books and records as the superintendent may require.
(H) A registrant or qualified exempt entity shall comply with rules promulgated under 15 U.S.C. 1681w and 15 U.S.C. 6801, including 16 C.F.R. Part 313 and 16 C.F.R. Part 682, as those rules are in effect May 1, 2024.
(I)
(1) A mortgage servicer will retain records that document actions taken with respect to a borrower's residential mortgage loan account until four years after the date a residential mortgage loan is discharged or servicing of a residential mortgage loan is transferred by the mortgage servicer to a transferee mortgage servicer.
(2) A mortgage servicer will maintain the following documents and data on each residential mortgage loan account serviced by the mortgage servicer in a manner that facilitates compiling such documents and data into a servicing file within five days of a borrower's request:
(a) A schedule of all transactions credited or debited to the residential mortgage loan account, including any escrow account as defined in 12 C.F.R. 1024.17(b) as is in effect June 1, 2025, and any suspense account;
(b) A copy of the security instrument that establishes the lien securing the residential mortgage loan;
(c) Any notes created by mortgage servicer personnel reflecting communications with the borrower about the residential mortgage loan account;
(d) To the extent applicable, a report of the data fields relating to the borrower's residential mortgage loan account created by the mortgage servicer's electronic systems in connection with servicing practices;
(e) Copies of any information or documents provided by the borrower to the mortgage servicer in accordance with the procedures set forth in rule 1301:8-7-38 of the Administrative Code and, for a mortgage servicer that is not a small servicer as defined in 12 C.F.R. 1026.41(e)(4) as in effect on June 1, 2025, 12 C.F.R. 1024.41, as in effect on June 1, 2025.
(3) As used in paragraph (I) of this rule, "escrow account" and "transferee mortgage servicer" have the same meanings as in rule 1301:8-7-35 of the Administrative Code.
Last updated September 19, 2025 at 7:25 AM
Supplemental Information