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#1419485 - 07/23/10 07:13 PM File Retention/Broker/ Secondary Market Loans
80's Lady Offline
Gold Star
Joined: Apr 2007
Posts: 295
I'm curious as to what other banks are maintaining as far as a file when they are acting as a Broker (processing loan completely and then closing it in Investor's name).

Do you make a "full copy" of the entire file before it is shipped to the Investor, or do you just keep a few items such as the application and preliminaries. Also, how long are you retaining the items you keep? Since we don't own the loan, what are we really required to keep.

Thanks for any insight you can offer.
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Lending Compliance
#1419676 - 07/25/10 06:08 PM Re: File Retention/Broker/ Secondary Market Loans 80's Lady
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 78,597
Galveston, TX
How long can you be sued in your jurisdiction for something that involves the loan origination process??
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