Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart J - LOAN APPLICATION PRACTICES
Section 1050.1176 - Record Retention
Universal Citation: 38 IL Admin Code ยง 1050.1176
Current through Register Vol. 48, No. 12, March 22, 2024
a) Record Retention. Pursuant to Section 2-4(c) of the Act, each licensee shall retain all records prepared or received in the course of its residential mortgage business for 36 months.
1) For
records pertaining to the activities of loan brokering or originating, the 36
month period shall begin on the date of the loan closing or other termination
date of the loan process.
2) For
records pertaining to buying/selling loans on the secondary market, the 36
month period shall begin on the date the loan was sold.
3) For records pertaining to the servicing of
loans, the 36 month period shall begin on the date the loan was paid off or on
the date the servicing rights were sold.
b) Format of Retention. Records pertaining to the activities of loan brokering, loan originating, or buying/selling loans on the secondary market may be retained for the 36 month period:
1) In hard copy or paper-based form;
or
2) In electronic or digital
form. The electronic or digital form must be capable of legible hard copy
reproduction and the licensee must accurately and authentically preserve any
alterations, erasures or similar indications of changes on the documents. The
licensee must also retain documentation that explains the process used to
convert hard copy or paper-based documents to electronic or digital formats and
specifies the date of conversion, the method of conversion, and the disposition
of the original hard copy or paper-based document.
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