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Retaining Copies Of Disclosures

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Question: 
Are we required to keep a copy (signed or otherwise) of the "Your Credit Score and the Price You Pay for Credit" document for mortgage or non-mortgage loans? It is produced when we produce a credit report and is given to the customer as part of the closing package.
Answer: 

No. There are no requirements to have it signed or to retain a copy. Many institutions have this sent to the customer by the credit reporting agency. You should be able to demonstrate your procedures, however.

First published on BankersOnline.com 4/11/11

First published on 04/11/2011

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