OAR 441-865-0020: Financial Records

At a minimum the financial records shall include: (1) A record, such as a cash receipts journal, of all monies received from borrowers showing at least: (a) Name of payor; (b) Date of receipt; (c) Amount received; (d) Purpose of receipt including identification of the loan to which it relates, if any; (e) The disposition of all monies received including the date and place of deposit or, if not deposited, the date, name of the person who received the monies and the manner in which the monies were transmitted. (2) A sequential listing of all checks written for each bank account relating to the mortgage banker or mortgage broker's business, such as a cash disbursement journal, showing at least: (a) Name of the payee; (b) Date of payment; (c) Amount of the payment; (d) Purpose of the payment including identification of the loan to which it relates, if any. (3) Bank account activity source documents for every account maintained for the mortgage banker’s or mortgage broker’s business including at least: (a) Receipted deposit tickets and if "less cash deposits" are made, an explanation of the use of the cash; (b) Paid checks if available and if these items are truncated, a copy of a document authorizing the director to request and receive copies of processed items from the financial institution; (c) Bank advices, including but not limited to debit and credit notices and overdraft notices; (d) Monthly or periodic statements; (e) Detail on wire transfers into or out of the account(s) including the name of the person who is the payor or payee, date, amount, purpose of receipt or payment, and identification of the loan to which it relates, if any. (4) A record or file of all monies owed by the mortgage banker or mortgage broker, such as an accounts payable journal. (5) Financial statements prepared in accordance with generally accepted accounting principles, including a balance sheet and a statement of income or operations, dated not more than ninety days following the end of the company’s fiscal year.