CIP Record Retention on Sold Mortgage Loans

The customer information provided prior to the opening of the account (name, date of birth, address, tax identification number) must be retained for five years after the account is closed (after you sell the loan).

The following must be retained for five years after the record is created (the loan is consummated):

1. A description of the type of any document relied on for verification (driver’s license, passport, etc.);
2. A description of any non-documentary methods used and the result (credit report, contacting customer, etc.);
3. Description of how any substantial discrepancies were resolved.

First published on BankersOnline.com 3/13/06