Regulatory Alerts2002-06-27
RML 01-01 Records Retention Policy for Residential Mortgage Lenders
The Louisiana Office of Financial Institutions mandates a standardized records retention schedule for all licensed residential mortgage brokers and lenders. Licensed entities must maintain specific documentation, including loan applications, Truth-in-Lending disclosures, Good Faith Estimates, and settlement statements, for a minimum of 36 months from the application date. These records must be available for commissioner examination at the official licensed location, though written requests allow multi-location reviews subject to separate fees, and compliance with this state policy operates independently of federal recordkeeping rules.
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