Specific Record Retention Requirements for the TILA-RESPA Rule

dirt on tridarchival-records-storageThere are specific record retention requirements of the closing disclosure for the TILA-RESPA rule. Do your lending partners comply?

The creditor must retain copies of the closing disclosure and all related documents for 5 years after consummation.

If the creditor sells, transfers or no longer has interest in the loan the creditor must provide a copy of the closing disclosure to the new servicer.

There is no specific requirement on how the copies must be retained leaving the opportunity to streamline our lives through technology.

You can take a closer look below or to view the CFPB's Compliance guide here.

2.3 what are the record etention requirements for the ILA-RESPA rule?

2.4 what are the record retention requirements if the creditor transfers or sells the loan?

2.5 is there a requirement on how the records are retained?

The Florida Agency Network is an industry leader in compliance. All agencies in the Florida Agency Network are prepped and ready to take on this industry game changer. It is important for your title partner to be compliant with the TRID rule once it goes into effect.

To find out more about partnering with a title agency in the network contact:

Max Jackson

Max@FLagency.net

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We can provide your title agency with secure IT infrastructure and support, leading-edge technology, and on-demand processing and closing solutions to complete more transactions with ease.

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