Under ECOA, how long must mortgage records be retained?

The correct duration for retaining mortgage records under the Equal Credit Opportunity Act (ECOA) is 25 months. This requirement is established to ensure that lenders maintain documentation that could be subject to review for compliance with fair lending regulations. Specifically, keeping records for 25 months allows for thorough oversight and verification of lending practices in case of any inquiries or audits regarding discrimination or equal treatment in the lending process.

Maintaining such records is crucial for demonstrating adherence to ECOA's provisions, which aim to prevent discrimination based on race, color, religion, national origin, sex, marital status, age, or reliance on public assistance. The extended retention period also gives lenders sufficient time to address potential legal issues or disputes that may arise after a loan has closed.

The other durations mentioned in the options do not align with the ECOA's guidelines. A 12-month, 18-month, or 24-month retention period falls short of the requirement and would not provide the necessary timeframe for regulatory compliance and accountability.