How long must a mortgage loan originator maintain documentation for a revised Loan Estimate?

Mortgage loan originators are required to maintain documentation concerning a revised Loan Estimate for a period of three years. This requirement is in place to ensure compliance with the regulations set forth by the Consumer Financial Protection Bureau (CFPB) under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).

The three-year retention period allows authorities to verify that loan originators have adhered to the necessary disclosures and procedures in the loan process. By keeping these documents for three years, it not only helps in compliance checks but also serves as a reference during audits or reviews. This duration is consistent with the broader regulatory framework that governs mortgage lending practices, outlining the expectations for record-keeping and documentation integrity in the industry.