GITNUX MARKETDATA REPORT 2024
Mortgage Statement Retention Duration Statistics
Mortgage statement retention duration averages around seven years for most individuals or households.
In this post, we present a comprehensive overview of the recommended retention durations for mortgage statements by various regulatory bodies and organizations across different countries. From the Internal Revenue Service’s guidelines in the United States to the European Union’s regulations, we explore the varying timeframes mandated for the retention of vital mortgage documentation. Understanding these requirements is crucial for homeowners, lenders, and financial institutions to ensure compliance and proper record-keeping practices.
Statistic 1
"The Internal Revenue Service (IRS) recommends keeping mortgage statements for the life of the loan."
Statistic 2
"In the EU, mortgage lenders are obligated to keep client records for a minimum of 5 years, this includes mortgage statements."
Statistic 3
"In the United States, banks are required to retain Mortgage Statements for six years."
Statistic 4
"According to the Federal Reserve, records related to closed-end mortgage loans should be kept for 2 years."
Statistic 5
"The Real Estate Settlement Procedures Act (RESPA) requires lenders to keep mortgage servicing files, including statements for five years after the last payment is made."
Statistic 6
"For fixed-rate mortgages, lenders are required to keep the mortgage statement for a term of 1 year after loan servicing ceases."
Statistic 7
"Federal government requirements indicate that banks and lenders should retain adjustable-rate mortgage loan records for 2 years after the date the action is required to be reported."
Statistic 8
"The National Credit Union Administration (NCUA) suggests credit unions retain mortgage statements for a minimum of 2 old calendar years."
Statistic 9
"Per section 1026.58 of Regulation Z, creditors for a Reverse Mortgage should maintain records for not less than 2 years after the date disclosures are required to be made or action is required to be taken."
Statistic 10
"Federal Trade Commission recommends mortgage service providers to maintain records for five years after date of the transactions."
Statistic 11
"Homeowners in the U.S typically keep mortgage statements for 1-3 years for tax purposes."
Statistic 12
"In the UK, according to the Financial Conduct Authority (FCA), firms are generally required to keep records for the ‘mortgages and home finance: conduct of business rules’ for a minimum of 3 years."
Statistic 13
"The U.S. Department of Veterans Affairs maintains that lenders should retain veteran's mortgage records for at least 2 years after loan origination."
Statistic 14
"Interagency Guidance recommends keeping records of payment default on a mortgage loan for 7 years."
Statistic 15
"The IRS suggests keeping home improvement receipts 3 years after the due date for the tax return that includes the income or loss on the home when it’s sold, which could be useful in conjunction with mortgage statements."
Statistic 16
"The Financial Crimes Enforcement Network (FinCEN) requires mortgage companies to keep Loan/Mortgage Records for 5 years."
Statistic 17
"In Canada, mortgage papers, which would include statements, have to be kept for at least two years from the date of registration."
Jannik Lindner
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