Real Estate Loan Record Retention

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Question:

What is the record retention for real estate loan files and is it true that a bank must be able to recreate a loan for up to 10 years?

Answer:

Unless you have a state law that requires you to maintain and be able to recreate records for 10 years, or a different period, then you need to look for the record retention requirements in RESPA (5 years for the settlement statement), Reg Z (2 years), Reg B (25 months) and BSA (5 years).

First published on BankersOnline.com 10/02/06