§ 6.2-1411. (Effective October 1, 2010) Retention of books, accounts, andrecords.
A. Every association shall maintain in its offices such books, accounts, andrecords as the Commission may reasonably require in order to determinewhether such association is complying with the provisions of this chapter andregulations adopted in furtherance thereof. Such books, accounts, and recordsas relate to the mortgage lending or mortgage brokering business of theassociation shall be maintained separate from any other business in which theassociation is involved.
B. When acting as a mortgage lender, the association shall retain for atleast three years after final payment is made on any mortgage loan or themortgage loan is sold, whichever first occurs, copies of the note, settlementstatement, Truth in Lending disclosure, and such other papers or recordsrelating to the loan as may be required by regulation.
C. When acting as a mortgage broker, the association shall retain for atleast three years after the mortgage loan is made the original contract forits compensation, a copy of the settlement statement, an account of feesreceived in connection with the loan, and such other papers and records asmay be required by regulation.
§ 6.2-1411. (Effective October 1, 2010) Retention of books, accounts, andrecords.
A. Every association shall maintain in its offices such books, accounts, andrecords as the Commission may reasonably require in order to determinewhether such association is complying with the provisions of this chapter andregulations adopted in furtherance thereof. Such books, accounts, and recordsas relate to the mortgage lending or mortgage brokering business of theassociation shall be maintained separate from any other business in which theassociation is involved.
B. When acting as a mortgage lender, the association shall retain for atleast three years after final payment is made on any mortgage loan or themortgage loan is sold, whichever first occurs, copies of the note, settlementstatement, Truth in Lending disclosure, and such other papers or recordsrelating to the loan as may be required by regulation.
C. When acting as a mortgage broker, the association shall retain for atleast three years after the mortgage loan is made the original contract forits compensation, a copy of the settlement statement, an account of feesreceived in connection with the loan, and such other papers and records asmay be required by regulation.
§ 6.2-1411. (Effective October 1, 2010) Retention of books, accounts, andrecords.
A. Every association shall maintain in its offices such books, accounts, andrecords as the Commission may reasonably require in order to determinewhether such association is complying with the provisions of this chapter andregulations adopted in furtherance thereof. Such books, accounts, and recordsas relate to the mortgage lending or mortgage brokering business of theassociation shall be maintained separate from any other business in which theassociation is involved.
B. When acting as a mortgage lender, the association shall retain for atleast three years after final payment is made on any mortgage loan or themortgage loan is sold, whichever first occurs, copies of the note, settlementstatement, Truth in Lending disclosure, and such other papers or recordsrelating to the loan as may be required by regulation.
C. When acting as a mortgage broker, the association shall retain for atleast three years after the mortgage loan is made the original contract forits compensation, a copy of the settlement statement, an account of feesreceived in connection with the loan, and such other papers and records asmay be required by regulation.
