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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
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Experience:  Attorney and Real Estate broker -- Retired (mostly)
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how long must a mortgage lender keep mortgage payment records

Resolved Question:

how long must a mortgage lender keep mortgage payment records i was told that the lender and all future servicers are required to maintain accurate records of all payments from the start of the loan tilll it is satified plus 3 years.

what is that law number example usc -- 1.IV.c etc or such
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  socrateaser replied 1 year ago.

There is no global time limit on preservation of mortgage servicing records which covers all loan servicing agents. The Real Estate Settlement Procedures Act (RESPA) requires that mortgage lenders and servicers retain HUD1 statements for five years. 24 CFR 3500.10, but that does not respond to your specific question.

The IRS can audit income records forever. IRC 6501(c). However, the National Archivist destroys IRS returns after no more than seven years to save storage space. Therefore, the only real limitation on a servicer maintaining its payment record is that seven-year document destruction deadline.

You may have received your three-year number based upon the number of years during which a taxpayer can use records to amend an existing tax return. IRC 6511(a). However, from the lender/servicer's viewpoint, payment records are income, not expenses, so the three-year limitation period is inapplicable.

Hope this helps.

Customer: replied 1 year ago.


the information i supplied was found on the net and was in the form of i think a 12 usc --- but the same wording was also found in somthing from the occ think it was sec 49 somthing


the ting here is is that wells fargo does not have the first 8 years of the payment history 86-94 only part of 94 to 2013 the above question relates to there leagl responsibilty to maintain accurate records of a mortgage in prosess not to mention all the 7 preveious servicers of the loan


does this help


 

Expert:  socrateaser replied 1 year ago.
Sorry for the delay. A new regulation, 12 C.F.R. 1024.38(c)(1), set to take effect Jan 10, 2014, provides that loan servicer records must be retained for one year after the loan is discharge or transferred. Prior to Jan 10, 2014, 12 C.F.R. 1024.17(l)(2) provides that the loan servicer must maintain all records for at least five years after the servicer last served the account.

Hope this helps.
Customer: replied 1 year ago.

thanks for the response the 1st answer i already had a handle on 2nd answer is closer to the one I am looking for


the 12 cfr regulation is were i was informed that a lender most keep accurate and concise records from the beginning of the mortgage until the loan is satisfied plus 3 yrs


also in my quest for information i read that the occ i think that they now handle the to big to fail banks that they in there part 49 section 49 how ever they classify regulations it has almost the same wording


currently i am in a battle with wells fargo they lost the first 8 yrs of my payment history


also misapplied i think funds to the wrong places as well as sending me a refund in march 2013 of 880$ from money collected during the period of around 2002-2007 with a note saying they admit no wrong doing and this is a one time curtsy refund.


I realize that as a lawyer you get compensated for your intellectual knowledge


i am increasing the amount of payment offered


thank you for your help in this matter


were are you located what county



 

Expert:  socrateaser replied 1 year ago.
thanks for the response the 1st answer i already had a handle on 2nd answer is closer to the one I am looking for

A: When you rate my service as "poor," you effectively prevent me from receiving any payment. Please reconsider your rating, because I am now assisting you pro bono (for free).

the 12 cfr regulation is were i was informed that a lender most keep accurate and concise records from the beginning of the mortgage until the loan is satisfied plus 3 yrs

A: To be completely fair, your previous information was incorrect. The regulation provides that the retention time is 5 years. Click here (scroll down to page 9 in the document [denominated as page 510]).

also in my quest for information i read that the occ i think that they now handle the to big to fail banks that they in there part 49 section 49 however they classify regulations it has almost the same wording

A: 12 C.F.R. 1024.2 defines "Servicer" as: "the person responsible for the servicing of a mortgage loan (including the person who makes or holds a mortgage loan if such person also services the mortgage loan)." Consequently, whether the loan servicer is a bookkeeper in Gaston, Oregon (Pop. 612), or Wells Fargo Bank, NA, the regulation controls, and the bank must maintain the records according to the rules I set forth in my previous answer.

currently i am in a battle with wells fargo they lost the first 8 yrs of my payment history

also misapplied i think funds to the wrong places as well as sending me a refund in march 2013 of 880$ from money collected during the period of around 2002-2007 with a note saying they admit no wrong doing and this is a one time curtsy refund.

A: If the goal is to sue the servicer for misapplying your funds, then you are entitled to sue for actual damages plus $2,000 under 12 U.S.C. 2605(f)(1), but you must bring your claim within 3 years of the date that the violation is alleged to have occurred 12 U.S.C. 2614. Presumably, that would be the date when Wells Fargo disclosed that it could not locate your records.

If your goal is to complain to the OCC, then once you do, the rest is up to the agency. You cannot force the government to "take the case" (at least not with spending a small fortune to try to obtain a writ of mandate from a federal district court).

I realize that as a lawyer you get compensated for your intellectual knowledge

i am increasing the amount of payment offered

thank you for your help in this matter

A: Hopefully, I'm on the right track here. If not, please ask a specific question, so that I can try to answer it dispositively.

were are you located what county

A: I'm flattered by your interest, however, I prefer to remain anonymous. My answers should speak for themselves. If they do not, then I shouldn't be paid.

Hope this Helps.

Customer: replied 1 year ago.

I agree with the above


as to were you are located you are a lawyer and i may need one or perhaps one for advice so this is sort of like a test drive i like the your style you have re the ratings snip iti have always said if you ask a question or make a statement if you do not like the answer next time do not ask a question however i did not understand how this site works that is way i increased the amount of payment to you


this thing between me and wells fargo is getting hot the legal abyss is mind blowing so therefore question and trying to find the answers is well how and were did they catalog this topic (no you do not want a lawyer you want an attorney)


thank you for the answers to the above now I have more questions I will rate your service a excellent which it is now for the future i would like to keep the dialog going, how do i return to you as you will be most familiar with whats going on


can i request you from the site


thank you g


Expert:  socrateaser replied 1 year ago.
In the past, I advised customers to put my userid at the beginning of each new question (e.g., "To socrateaser"). However, it appears that the website may be automatically obliterating that information, so that I am no longer alerted to repeat customers.

Regardless, I still advise that you try this, because if the website turns their protections off and on, they don't tell me about it.

The website has a feature with which you can request a specific expert for up to 24 hours. If that feature is available, then that's probably the best way to reach me, because I'm rarely away for more than 24 hours -- unless I'm in the hospital or on vacation.

Worst case, you can always tell others who try to answer your question that you only want to talk to me, and as soon as they read that, they will go away -- because no one wants to work for free (except for me, of course -- I'm the very definition of altruismCool).

Thanks for your continued confidence. I'm flattered.

socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 34634
Experience: Attorney and Real Estate broker -- Retired (mostly)
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socrateaser
socrateaser
Real Estate Lawyer
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Attorney and Real Estate broker -- Retired (mostly)