Recordkeeping requirements.

CFR · 2024-01-01 · US · Title 12

(a) (i) A bank shall maintain the reason(s) it denied a loan application, using the codes provided in part 203 of this title; and (ii) A bank shall record all information required by this paragraph and part 203 of this title within 30 calendar days after the end of each calendar quarter. (2) A bank that receives 50 or more home loan applications a year, as measured by the previous calendar year, and that is not required to collect data under paragraph (a)(1) of this section, shall record and maintain for each decision center the following information on home loan activity: (i) Number of applications received for each of the following: Purchase; construction-permanent; refinance. (ii) Number of loans closed for each of the following: Purchase; construction-permanent; refinance. (iii) Number of loans denied for each of the following: Purchase; construction-permanent; refinance. (iv) Number of loans withdrawn by applicant, for each of the following: Purchase; construction-permanent; refinance. (3) The information required to be maintained under paragraph (a)(2) of this section shall be updated quarterly, within 30 calendar days after the end of each calendar quarter, in a format consistent with the bank's recordkeeping procedures. (4) A bank exempted under paragraph (a)(2) of this section shall be covered by that requirement beginning the month following any quarter in which their average monthly volume of home loan applications exceeds four applications per month. Banks which a

official document · source cfr-2024 · id 12:§ 27.3