NCCOB
NCCOB

Promoting strength and fairness in
the financial services marketplace


 
  • Examination Information
    • Common Recommendations
    • Common Violations
    • Disclosures
    • Document Retention and Destruction
    • Examination Tips

Records to Retain in a Loan File/Stacking Order


Disclosures

The licensee shall create and retain a file for each mortgage loan application which shall contain, as applicable, applicant's name, date of application, name of person taking the application, the applicatio itself, if, the loan was closed, the HUD1 Settlement Statement, the loan note, the deed of trust, all agreements or contracts with the applicant, including any commitment and lock-in agreements, other information utilized in the origination of the mortgage loan, and all disclosures required by State and Federal law. 04 NCAC 03M .0501(d)

Click here to view Disclosures to Retain


Closed Loan File Stacking Order

There are no specific statutory requirements on exactly how a closed loan file must be organized. The NCCOB recommends that closed loan files be in a consistent stacking order.

Click here to view a Recommended Stacking Order