Retention of Documents following Payoff

Posted By: krmabyrd

Retention of Documents following Payoff - 10/27/04 03:30 PM

Just looking for some direction. I am currently reviewing the required retention period related to many documents. Could someone provide direction as to what the required retention period is for RESPA related documents following the loan payoff? The documents that I am mostly concerned are those like the GFE and HUD 1/1a documents? Other documents in question would be cancelled mortgages, Early TIL Disclosure, Servicing Disclosure Statements.

Any thoughts, guidance, direction (to research) would be greatly appreciated.
Posted By: someone else

Re: Retention of Documents following Payoff - 10/27/04 03:34 PM

226.25 states that records need to be retained for 2 years...
Posted By: krmabyrd

Re: Retention of Documents following Payoff - 10/27/04 06:51 PM

Thanks.... I was aware of the Reg. Z section but wasn't sure if it applied to all R/E documents that I referred to...
Posted By: mceleste

Re: Retention of Documents following Payoff - 10/28/04 02:47 PM

You will need to look at the section of Regulation X for each document(GFE, HUD-1, escrow statements)for record retention requirements. The requirements are not the same as Regulation Z.
Posted By: renniks

Re: Retention of Documents following Payoff - 11/02/04 02:53 PM

Don't forget your identification documents for CIP. These have a 5 year retention period!!