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Topic 11. Maintenance of Loan Records
February 1, 2019
This chapter has been revised in its entirety.
a. Requirement
Lenders must maintain all loan origination records on VA-guaranteed home loans for at least 2 years from the date of loan closing. Even if the loan is sold, the original lender must maintain all records (or legible copies) for the required period.
b. Examples of Loan Records
Loan origination records include:
the loan application (including any preliminary application),
verifications of employment and deposit,
all credit reports (including preliminary credit reports),
copies of each sales contract and addendum(s),
letters of explanation for adverse credit items and discrepancies,
direct references from creditors,
correspondence with employers,
appraisal and compliance inspection reports,
reports on termite and other inspections of the property,
builder change orders, and
all closing papers and documents.
c. Accessibility
Lenders must make these records accessible to VA personnel conducting audit reviews.