Legal Question in Real Estate Law in California
R.E. Loan Record Keeping Statutes
As a former loan processor, I am curious as to how long loan processing records must be kept under California state law. I am referring to loans that I have processed for third party loan brokers who paid for my services to handle the processing of loan documents only, for submission to the actual lenders.
1 Answer from Attorneys
Re: R.E. Loan Record Keeping Statutes
I did not find any California statute applying to your profession or activity specifically. There is a provision in the Business and Professions Code requiring "industrial loan companies" to maintain loan records for at least two years after the final entry with respect to each loan client is made in those records. Therefore, I would think your records must be kept at least two years after the last entry. Other provisions or practical considerations may suggest or require holding your records for a longer time. I hope this is helpful.
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