How long. The DRE requires that transaction files be retained for three years. This retention period begins as of the date of the closing of the transaction, or if there is no closing from the date of the listing.
How long are mortgage companies required to preserve records for loans that are transferred in Michigan?
For loans where the licensee/registrant acts as the lender, and the loan is transferred or assigned, the MBLSLA requires the licensee/registrant to retain copies of the promissory note, mortgage, land contract, truth-in-lending disclosure statements, and settlement statements for 3 years after the date the mortgage
How long must a mortgage broker retain all records regarding mortgage transactions with an investor?
The broker must retain a true and correct copy of the disclosures as acknowledged by the borrowers for three years.
What records must be kept for 10 years?
These records should be retained for at least 10 years after they have expired.
What is the 7 year record retention rule?
The rule generally carries out a congressional mandate. The rule, in general, prohibits the destruction for seven years of certain records related to the audit or review of an issuer's or registered investment company's financial statements.
How long do real estate brokers have to keep records in Texas?
According to TREC reasonable record retention for the following documents is four years: Closing Statements, Contracts, Leases, Lease Applications, Inspections, Financial Records for the License Holder's clients, Financial Records for the License Holder's operations, Seller's Disclosure Notices, Notes within the