united-states arizona mortgage
Obligation of mortgage holder to maintain and provide transaction history
<p>Is a mortgage lender obligated to maintain, and provide access to, payment and transaction history after a loan?</p>
<p>For example, if a mortgage is refinanced with a different lender, is the previous lender obligated to provide records of the payoff quote, final mortgage payments, and final payoff transaction to the borrower? In such a scenario, does the borrower have any recourse if this information is withheld?</p>
<p>Assume the borrower has no means of accessing this information (e.g. online account access has been terminated, etc.), but he or she suspects something is amiss and has no way to verify this suspicion.</p>

<p>Arizona Code § <a href="https://casetext.com/regulation/arizona-administrative-code/title-20-commerce-financial-institutions-and-insurance/chapter-04-department-of-financial-institutions/article-9-mortgage-brokers/section-r20-4-917-recordkeeping-requirements" rel="nofollow noreferrer">20-4-917</a> reads in part:</p>
<blockquote>
<p>B. In addition to any statutory requirement regarding records, a record maintained by a mortgage broker shall include the following:</p>
</blockquote>
<blockquote>
<p>...</p>
</blockquote>
<blockquote>
<ol start="2">
<li>A record, such as a cash receipts journal, of all money received in connection with a mortgage loan including:<br />
a. Payor's name;<br />
b. Date received;<br />
c. Amount; and<br />
d. Receipt's purpose, including identification of a related loan, if any;</li>
</ol>
</blockquote>
<blockquote>
<ol start="3">
<li>A sequential listing of checks written for each bank account relating to the mortgage broker business, such as a cash disbursement journal, including:<br />
a. Payee's name;<br />
b. Amount;<br />
c. Date; and<br />
d. Payment's purpose, including identification of a related loan, if any;<br />
...</li>
</ol>
</blockquote>
<p>while Arizona Code § <a href="https://casetext.com/regulation/arizona-administrative-code/title-20-commerce-financial-institutions-and-insurance/chapter-04-department-of-financial-institutions/article-18-mortgage-bankers/section-r20-4-1806-recordkeeping-requirements" rel="nofollow noreferrer">20-4-1806</a> reads in part:</p>
<blockquote>
<p>B. In addition to any statutory requirement regarding records, a record maintained by a mortgage banker shall include the following:<br />
...<br />
2. A record, such as a cash receipts journal, of all money received in connection with mortgage banking loans or mortgage loans including:<br />
a. Payor's name;<br />
b. Date received;<br />
c. Amount; and<br />
d. Receipt's purpose including identification of a related loan, if any;</p>
</blockquote>
<p>There are addition subsections related to how long the records must be kept and additional record keeping requirements.</p>
<p>See also Arizona Code <a href="https://www.azleg.gov/ars/6/00946.htm" rel="nofollow noreferrer">6-946</a>:</p>
<blockquote>
<p>A. Every mortgage banker shall keep and maintain at all times correct and complete records clearly reflecting the financial condition of the business as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is conducting the licensee's business in accordance with this article. If the mortgage banker operates two or more licensed places of business in this state, after notifying the deputy director, the mortgage banker may maintain the records at the mortgage banker's principal place of business in this state, except that a mortgage banker, with the approval of the deputy director, may maintain the records outside of this state. A mortgage banker shall, for records kept outside of this state, make the records available to the deputy director in this state not more than three business days after demand and provide for the acceptance of collect calls or provide a toll free telephone number to borrowers to obtain information from the records if the licensed places of business in this state cannot readily provide the information requested by the borrowers. Every mortgage banker shall maintain original documents, or clearly legible copies, of all mortgage banking loan transactions and mortgage loan transactions, unless the mortgage banking loan or mortgage loan is paid in full or the mortgage banking loan or mortgage loan and its servicing are sold, for not fewer than two years after the date of the mortgage banking loan closing or the date of the last disbursement of monies by the licensee, whichever occurs last. With the approval of the deputy director, a licensee that uses a computer or mechanical record keeping system is not required to keep a written copy of the records if the licensee is able to generate all information required by this section in a timely manner for examination or for other purposes.
...</p>
</blockquote>
