(a) General rule. A creditor shall retain evidence of compliance with this part (other than advertising requirements under Sec. Sec. 1026.16 and 1026.24, and other than the requirements under Sec. 1026.19(e) and (f)) for two years after the date disclosures are required to be made or action is required to be taken. The administrative agencies responsible for enforcing the regulation may require creditors under their jurisdictions to retain records for a longer period if necessary to carry out their enforcement responsibilities under section 108 of the Act.
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(c) Records related to certain requirements for mortgage loans--(1) Records related to requirements for loans secured by real property--(i) General rule. Except as provided under paragraph (c)(1)(ii) of this section, a creditor shall retain evidence of compliance with the requirements of Sec. 1026.19(e) and (f) for three years after the later of the date of consummation, the date disclosures are required to be made, or the date the action is required to be taken.
(1) Records related to requirements for loans secured by real property--(i) General rule. Except as provided under paragraph (c)(1)(ii) of this section, a creditor shall retain evidence of compliance with the requirements of Sec. 1026.19(e) and (f) for three years after the later of the date of consummation, the date disclosures are required to be made, or the date the action is required to be taken.
(i) General rule. Except as provided under paragraph (c)(1)(ii) of this section, a creditor shall retain evidence of compliance with the requirements of Sec. 1026.19(e) and (f) for three years after the later of the date of consummation, the date disclosures are required to be made, or the date the action is required to be taken.
(ii) Closing disclosures. (A) A creditor shall retain each completed disclosure required under Sec. 1026.19(f)(1)(i) or (f)(4)(i), and all documents related to such disclosures, for five years after consummation, notwithstanding paragraph (c)(1)(ii)(B) of this section.
(A) A creditor shall retain each completed disclosure required under Sec. 1026.19(f)(1)(i) or (f)(4)(i), and all documents related to such disclosures, for five years after consummation, notwithstanding paragraph (c)(1)(ii)(B) of this section.
(B) If a creditor sells, transfers, or otherwise disposes of its interest in a mortgage loan subject to Sec. 1026.19(f) and does not service the mortgage loan, the creditor shall provide a copy of the disclosures required under Sec. 1026.19(f)(1)(i) or (f)(4)(i) to the owner or servicer of the mortgage as a part of the transfer of the loan file. Such owner or servicer shall retain such disclosures for the remainder of the five-year period described under paragraph (c)(1)(ii)(A) of this section.
(C) The Bureau shall have the right to require provision of copies of records related to the disclosures required under Sec. 1026.19(f)(1)(i) and (f)(4)(i).
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