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#21626 - 06/24/02 04:58 PM RESPA - retention
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,263
Far from Calif
Is there any HUD interpretation of what they mean by "and related documents" in the retention section of RESPA (§3500.10(e))? Would this include ANY and ALL RESPA related disclosures?
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Lending Compliance
#21627 - 06/25/02 07:14 PM Re: RESPA - retention
Lucy Griffin Offline

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Lucy Griffin
Joined: Nov 2000
Posts: 1,544
I have never run across anything from HUD that answers your question. You should keep any document relating to the settlement process and anything that you disclose on the GFE and HUD-1. This isn't as many documents as Regulation B requires, but it probably is most of them. Any settlement service and its cost should be documented.

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#21628 - 06/25/02 07:18 PM Re: RESPA - retention
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,263
Far from Calif
Thanks Lucy! That's what I am advising - GFE, HUD-1, Mortg. Serv. Disclos, etc. They were a little resistant since no specific documents were listed other than the the HUD-1 so I was hoping there some affirmation from HUD that I was not finding.
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#21629 - 06/25/02 07:38 PM Re: RESPA - retention
Lucy Griffin Offline

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Lucy Griffin
Joined: Nov 2000
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What makes these guys think there has to be a list! Are they all from Missouri? Consider yourself affirmed!

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#21630 - 06/26/02 07:04 PM Re: RESPA - retention
Howard Lax Offline
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Howard Lax
Joined: Jan 2002
Posts: 478
Bloomfield Hills, Michigan
Remember that there is also a record retention provision in Section 15 of Regulation X - 5 years for anything to prove compliance with the AfBA rules (GFE, HUD-1, AfBA Disclosure).
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Howard A. Lax Lipson, Neilson, et. al. Bloomfield Hills, MI hlax@lipsonneilson.com

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