MississippiSB 27112026 Regular SessionSenateWALLET

Individual borrower files and individual servicer files; clarify and revise the required contents of.

Sponsored By: Chris Johnson (Republican)

Signed by Governor

Banking and Financial ServicesBusiness and Financial Institutions

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Mortgage lenders must keep borrower records

Beginning July 1, 2026, licensed mortgage lenders must keep a full borrower file. The file includes a mortgage origination agreement that names the bond and bond issuer, states the borrower is protected under the Mississippi SAFE Mortgage Act, and gives the state complaint contact. It must include the original signed loan application, the signed closing statement when federal rules require it or a denial/cancellation record, any loan estimate and appraisal obtained, any lock‑in, and all federal Truth in Lending disclosures with proof they were given on time. It must also include the final signed loan application, or an allowed alternative form for small‑loan licensees, including for manufactured homes. The Department may require more related items by rule under Section 81-18-29.

Mortgage servicers must keep full histories

Beginning July 1, 2026, licensed mortgage servicers must keep complete records for each loan they service. Files must include the original and final signed loan applications, the signed closing statement when federal rules require it or a denial/cancellation record, any loan modification agreements, and all collection or default letters with backups. Servicers must also keep addenda, riders, the assigned note if applicable, and a full payment and comment/note history from when the loan was transferred or boarded. The Department may require more related items by rule under Section 81-18-29.

No extra state mortgage disclosures

Beginning July 1, 2026, the state does not require mortgage licensees to give or keep federal disclosures beyond what federal law already requires. State rules under this act cannot add extra federal Truth in Lending or other federal disclosures.

Sponsors & Cosponsors

Sponsor

Chris Johnson
Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 159 • No: 9

House vote • 3/4/2026

Passed

Yes: 107 • No: 9

Senate vote • 2/5/2026