CFPB TRID Sec. 2 - What are the record retention requirements if the creditor transfers or sells the loan?

Compliance > Regulation Z - TILA / TRID Specific > General Info
Q:  What are the record retention requirements if the creditor transfers or sells the loan?
 
A:  If a creditor sells, transfers, or otherwise disposes of its interest in a mortgage and does not service the mortgage, the creditor shall provide a copy of the Closing Disclosure to the new owner or servicer of the mortgage as a part of the transfer of the loan file.
 
Both the creditor and the new owner or servicer shall retain the Closing Disclosure for the remainder of the five-year period.
 
 
This can be found in the CFPB's TILA-RESPA Integrated Disclosure rule compliance guide - http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
 

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