What documents are required to be kept in a loan file for examination purposes and what else might you be requesting?
What documents are required to be kept in a loan file for examination purposes and what else might you be requesting? (for Mortgage Bankers, Brokers and Servicers; Sales Finance Companies; Small Loan Lenders)
You are required to maintain all documents related to the loan. The loan file should tell the complete story of the brokering, lending and/or servicing process, starting with the first contact with the potential borrower through the closing and/or servicing of the loan.
This also includes information that may be kept solely electronically in a processing or servicing system. If needed, screen prints of that system may be provided if that is the only way that the material is maintained. If the examination is conducted on site, Department Examiners may review the system itself in lieu of or in addition to providing the information.