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CIP Record Retention on Sold Mortgage Loans
Answer by David Dickinson, BOL Guru
Guru Bios
Question: What is the CIP record retention period for mortgage loans that we sell and no longer service? Do we maintain the records five years after we sell the loan?
Answer: The customer information provided prior to the opening of the account (name, date of birth, address, tax identification number) must be retained for five years after the account is closed (after you sell the loan).
The following must be retained for five years after the record is created (the loan is consummated):
- A description of the type of any document relied on for verification (driver’s license, passport, etc.);
- A description of any non-documentary methods used and the result (credit report, contacting customer, etc.);
- Description of how any substantial discrepancies were resolved.
First published on BankersOnline.com 3/13/06
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