How many years is the record retention requirement under the Loan Estimate (LE)?

Under the Loan Estimate (LE) requirements, the retention period is three years. This period is mandated by the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), which specify that lenders must retain the Loan Estimate and other associated documents for this duration. This three-year retention requirement ensures that a clear record is available for regulatory reviews and potential consumer inquiries regarding the mortgage process. Keeping these records for three years aligns with the timeframe for regulatory enforcement of compliance with the disclosure requirements, providing both protection for consumers and accountability for lenders.