For how many years must RESPA documents be retained?

The correct duration for retaining RESPA documents is five years. The Real Estate Settlement Procedures Act (RESPA) establishes guidelines for the retention of key documents to ensure that lenders and settlement agents maintain accountability and transparency in the mortgage process. Specifically, the five-year retention period is designed to allow sufficient time for the resolution of any potential disputes or inquiries related to the disclosures provided to borrowers.

During this period, consumers can request to view their records, and it also provides regulatory agencies with the opportunity to conduct audits and assessments of compliance with RESPA regulations. It's essential for mortgage professionals to adhere to this requirement to prevent legal issues and to ensure that proper documentation is available should questions arise after a transaction has been completed.