How long must records of loan estimate compliance be kept by brokers?

How long must records of loan estimate compliance be kept by brokers?

• A. 3 years
• B. 1 year
• C. 5 years
• D. 7 years

Answer: (A)

Recordkeeping for loan estimate compliance is guided by TRID/RESPA rules. Mortgage brokers must retain records showing they complied with the Loan Estimate requirements for at least three years after the loan consummation (the date the loan is finalized). This three-year window provides regulators and consumers with a sufficient window to review disclosures, verify that the LE was delivered on time, and confirm that the terms disclosed matched the loan actually offered. Shorter periods, like one year, wouldn’t cover the full regulatory review window, while longer periods aren’t required specifically for the Loan Estimate—though other documents, such as Closing Disclosures, may have different retention timelines.

Recordkeeping for loan estimate compliance is guided by TRID/RESPA rules. Mortgage brokers must retain records showing they complied with the Loan Estimate requirements for at least three years after the loan consummation (the date the loan is finalized). This three-year window provides regulators and consumers with a sufficient window to review disclosures, verify that the LE was delivered on time, and confirm that the terms disclosed matched the loan actually offered. Shorter periods, like one year, wouldn’t cover the full regulatory review window, while longer periods aren’t required specifically for the Loan Estimate—though other documents, such as Closing Disclosures, may have different retention timelines.