Record Retention for Denied Loans

Answered by:

Question:

Is the retention period for denied loans two years?

Answer:

Actually the general rule is 25 months. Under 202.12 this applies to consumer loans. Small business (gross annual revenues less than or equal to $1 million) is 12 months. Larger business requests are 60 days.

None of these would apply if you have ongoing litigation involving this.

First published on BankersOnline.com 5/17/04