5 Del.C. §2111(a)

Formerly Regulation No.: 5.2111(a).0002

Effective Date: November 12, 1999

Each licensed office shall establish and maintain the following books and records, on a current basis, either at the office of the licensed broker, or at a suitable location available within a reasonable time period, upon request. Written approval may be granted for variations that accommodate individual accounting systems, including automated and electronic record processing systems, provided the objectives of this regulation are fulfilled. Requests for such approvals must be in writing and shall provide adequate information about the system to ensure that the minimum record requirements are satisfied and provide the required data on a current and readily available basis to examiners, when requested. The following records shall be maintained in accordance with the time periods provided in Regulation 101 (formerly No. 5.141.0001.NC) Retention of Financial Institution Records.

1.0 Applicant Register - This record shall show the name of the applicant, identifying file number, date application was filed, name of lender, date of commitment, amount of broker's fee, and date fee was paid. In the case of an applicant denied credit, the register shall contain the name of the applicant, identification number, date application was filed and, if known, date application was denied and reason for denial.

2.0 Individual Records of Applicant - A file of all documents, invoices and/or other obligations for each applicant shall be maintained and shall include the following:

2.1 Name and address of the applicant;

2.2 Identifying number;

2.3 Date of application/broker's agreement;

2.4 A copy of the mortgage loan broker agreement containing original signature(s) of applicant(s), or a certified copy thereof;

2.5 A copy of all invoices or other evidence of expenses incurred in connection with the mortgage loan including, but not limited to, the property appraisal, title certificate, and credit report;

2.6 A copy of all receipts provided to the applicant(s) for amounts paid to the broker;

2.7 A record of all fees collected by the broker in accordance with Regulation No. 2103 (Formerly 5.2115.0003) Mortgage Loan Broker Regulations Itemized Schedule of Charges;

2.8 Name of lender;

2.9 Copy of the commitment;

2.10 Date and amount of broker fee collected; and

2.11 Evidence of any refunds and an explanation of the refunds.

3.0 Record of Litigation - All files on applicants who initiate litigation against the licensee or who are sued by the licensee, shall be maintained in a separate litigation section of the files and shall include the following:

3.1 All original paper or a certified copy thereof;

3.2 Date and terms of judgment.

4.0 Advertising - Copies of all printed or other advertising materials circulated by the mortgage loan broker.

See 3 DE Reg. 653 (11/01/99)