What regulatory requirements apply to the retention of loan records for first mortgage loans? Which, if any, apply when the loans (including servicing) are sold? I realize that record retention requirements are also established by state law, but I'd like to make sure that I'm not missing any of the federal requirements.

From our compliance officer - Federal ECOA regulations require that we retain loan files for 26 months. We're actually imaging our files and retaining them longer than the 26 months.

We also sell all of our loans and the servicing. As BethF states above, we also keep our files for 26 months per ECOA.

What about BSA and purpose statements, RESPA and HMDA. These should be 5 year items.

For BSA purposes (CIP) we do keep the record of identity verification for the required 5 years in hard copy. I have to admit, I was not aware that any RESPA or HMDA items (other than the LAR) had to be retained by the originator for 5 years as well. As far as I know, the purchaser of the loan is responsible. Andy, could you be more specific?

The original question broke retention into several pieces, loans and loans sold.

I think the BSA requirements would go beyond CIP and include the loans purpose statement.

RESPA retention is 5 years. At least for the HUD-1/1A. Loans sold would have that requirement follow with the sale.

For HMDA it is the LAR that has the retention requirements of 3 years. The disclosure statement would be retained for 5.