What are the TRID retention requirements?
The bank must retain copies of the CD (all versions and all documents related to them) for five years after consummation. The bank (and the servicer, if applicable) must retain the Escrow Closing Notice and the Partial Payment Policy disclosure for two years. For all other evidence of compliance—including the LE—the bank must maintain records for three years after consummation. Note that records can be retained by any method that reproduces the records “accurately.” So, the rule allows the bank to use electronic recordkeeping, but does not require it.
Compliance Alliance offers a comprehensive suite of compliance management solutions.
To learn how to put them to work for your bank, call (888) 353-3933 or email firstname.lastname@example.org.