Current through Register Vol. XLI, No. 50, December 13, 2024
Section 106-5-2 - Time Frames for Record Keeping by Licensees2.1. A residential mortgage lender who acts as the original lender providing the initial funding for a mortgage loan to a borrower must maintain records related to that loan for a period of thirty-six months from the date the loan closes. In cases where the loan does not close, for any reason, that residential mortgage lender must maintain records related to the proposed loan for a period of thirty-six months from the date of the borrower's loan application.2.2. A residential mortgage lender that does not provide the initial funds for a loan but only purchases, takes assignment of, or services the loan, must maintain records related to that loan for a period of thirty-six months from the date of last entry on the books of that lender.2.3. A residential mortgage broker must retain records related to mortgage loans for a period of thirty-six months from the date the loan closes. In cases where the loan does not close, for any reason, the residential mortgage broker must maintain records related to the loan proposed for a period of thirty-six months from the date of the latest application, credit document, required disclosure or request by consumer to terminate the transaction.