Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Real Estate Law
This answer was rated:

how long must a mortgage lender keep mortgage payment records

i was told that the...
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
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 15 minutes by:
7/1/2013
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,498
Experience: Attorney and Real Estate broker -- Retired
Verified

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.

Ask Your Own Real Estate Law Question
Customer reply replied 4 years 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


 

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.
Ask Your Own Real Estate Law Question
Customer reply replied 4 years 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



 

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.

Ask Your Own Real Estate Law Question
Customer reply replied 4 years 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


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
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,498
Experience: Attorney and Real Estate broker -- Retired
Verified
socrateaser and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Ask socrateaser Your Own Question
socrateaser
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,498
39,498 Satisfied Customers
Experience: Attorney and Real Estate broker -- Retired

socrateaser is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
I currently hold a Real Estate License and Mortgage License
I currently hold a Real Estate License and Mortgage License in the state of Colorado. I am being told that I am a risk to hire from a local Real Estate Office because hold both. I do not double side a… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
Got disconnected... In re: to my real estate questions, is
Got disconnected... In re: to my real estate questions, is this attorney a Texas attorney? … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,289 satisfied customers
According to RESPA.... can a realtor send a mortgage loan
According to RESPA.... can a realtor send a mortgage loan officer a printed marketing checklist to help them with their marketing efforts as a promotional tool for the realtor? … read more
Alex Esquire
Alex Esquire
Managing Attorney
Doctoral Degree
153 satisfied customers
FOR A LITIGATOR THAT SPECIALIZES IN RESPA, YES, NO
i AM LOOKING FOR A LITIGATOR THAT SPECIALIZES IN RESPA … read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,157 satisfied customers
Is cold calling still legal for real estate agents?
is cold calling still legal for real estate agents? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Purchased house in 2004 with, what are real estate agent
Purchased house in 2004 with, what are real estate agent describe as "creative financing". One primary lender (Adjustable Rates), and a secondary lender (Balloon). Due to unforeseen circumstances we f… read more
Dwayne B.
Dwayne B.
Juris Doctor
28,693 satisfied customers
My question is in regard to real estate in south Florida.
Hi! My question is in regard to real estate in south Florida … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Real Estate Question. In received notice to collect a debt
Real Estate Question. In received notice to collect a debt on a house in Monroe County, PA. I haven't lived in that house for at least three years (i co-signed to help my sister and her son) I was for… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I was wondering if real estate property was held in a sole
I was wondering if real estate property was held in a sole prop and more real estate was aquired to fix up and then held as rentals would it be wise to split the sole prop into real estate and constru… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,712 satisfied customers
I need a real estate lawyer who knows real estate in Oregon
I need a real estate lawyer who knows real estate in Oregon I need a lawyer who specializes in real estate law in the state of Oregon. I am quitting my current property manager and I will be managing … read more
Irwin Law
Irwin Law
Juris Doctor JD
7,089 satisfied customers
This matter is regarding real estate but I don't see that
This matter is regarding real estate but I don't see that option or tab listed. … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
I need to ask a question about real estate/mortgage contract
Hi I need to ask a question about real estate/mortgage contract law in Philadelphia … read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
I am looking for a cancellation of contract for real estate
I am looking for a cancellation of contract for real estate form … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,356 satisfied customers
Real estate question. NC. Mortgage. Need to know if fha pr
need to know if fha pr va loans will allow for spring water instead of well… read more
N.Brown ESQ
N.Brown ESQ
Juris Doctorate
17 satisfied customers
If I'm a mortgage banker, can I own a real estate brokerage
If I'm a mortgage banker, can I own a real estate brokerage and have my agents use me as their preferred lender? … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,356 satisfied customers
I have a real estate question related to Florida Real Estate
I have a real estate question related to Florida Real Estate law. … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
28,141 satisfied customers
Real estate law I'm the seller i signed real estate contract
Real estate law I'm the seller i signed real estate contract now i dont want to sell I initialed the contract instead of signing the sale price was illegible so the seller sent an amendment for me to … read more
Damien Bosco
Damien Bosco
3,388 satisfied customers
I have a Reverse Mortgage and became behind on real estate
I have a Reverse Mortgage and became behind on real estate taxes. I entered into an installment agreement with Riverside County, which my lender ignored and paid in full with the County. Now the Lende… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x