What is the record retention requirement outlined by LE in terms of years?

The record retention requirement outlined by the Loan Originator (LE) standards necessitates that certain records must be kept for at least three years. This timeframe is established to ensure that there is adequate documentation for compliance and regulatory reviews, allowing for the examination of loan transactions and originator activities.

Maintaining records for this period supports transparency in the mortgage industry and provides a safeguard for both the lenders and consumers. It ensures that relevant information can be accessed in the event of an audit or investigation, as well as assisting in the resolution of any disputes or clarifications needed regarding loan origination practices.