IN 28-2-12-5 use to govern the retention requirements, however that Code was repealed and for the most part they follow federeal requirements now.
There are some specific requirement for mortgage lenders and mortgage brokers.
XIII.: Recordkeeping and Record Retention Requirements
Mortgage Lenders
Records pertaining to consumer loans must be retained for two years after making the final entry relating to the transaction, however in the case of a revolving loan the two years is measured from the date of each entry. See Ind. Code §24-4.5-3-505.
Mortgage Brokers
Under the Indiana Loan Brokers Act, each loan broker agreement must be given an account number. See Ind. Code §23-2-5-18. Each loan broker licensee must keep and maintain the following records or their electronic equivalent:
(1) A file for each borrower or proposed borrower that contains the following:
(a) the name and address of the borrower or any proposed borrower;
(b) a copy of the signed loan broker agreement;
(c) a copy of any other papers or instruments used in connection with the loan broker agreement and signed by the borrower or any proposed borrower;
(d) if a loan was obtained for the borrower, the name and address of the creditor;
(e) if a loan is accepted by the borrower, a copy of the loan agreement; and
(f) the amount of the loan broker's fee that the borrower has paid and the amount of any unpaid balance and the status of any collection efforts;
(2) all receipts from or for the account of borrowers or any proposed borrowers and all disbursements to or for the account of borrowers or any proposed borrowers, recorded so that the transactions are readily identifiable;
(3) a general ledger that must be posted at least monthly, and a trial balance sheet and profit and loss statement prepared within 30 days of the Securities Commissioner's request for the information;
(4) a sample of:
(a) all advertisements, pamphlets, circulars, letters, articles, or communications published in any newspaper, magazine, or periodical;
(b) scripts of any recording, radio, or television announcement; and
(c) any sales kits or literature to be used in solicitation of borrowers.
See id. at §23-2-5-18.
These records must be kept for a period of two years in the licensee's principal office and must be separate or readily identifiable from the records of any other business that is conducted in the office of the loan broker. See id.
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The opinions expressed are mine and they are not to be taken as legal advice.
They repealed the requirement from the banking section of the code and moved it into the corporate code under meeting and actions of the board. 
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