Adverse Action Retention

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#2054356 - 12/16/15 12:44 AM Adverse Action Retention
Mel in WA Diamond Poster Joined: Mar 2013 Posts: 1,266	We are aware that Reg B requires declines/withdrawals be retained for 25 months. However, what if a Loan Estimate was issued and then the customer withdrew? Since the LE needs to be retained for 3 years, should we remove it and toss everything else related to the withdrawal? What is the risk of keeping the whole file for an additional 11 months?
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#2054447 - 12/16/15 05:16 PM Re: Adverse Action Retention Mel in WA
rlcarey 10K Club Joined: Jul 2001 Posts: 83,363 Galveston, TX	1026.25(c)(1) Records related to requirements for loans secured by real property. Notice it says loans, not applications. _________________________ The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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