Federal Mortgage LawsQuestion 27 of 400
Under ECOA/Regulation B, for how long must a creditor generally retain records related to a mortgage application after notifying the applicant of action taken?
a.25 months
b.12 months
c.6 months
d.36 months
Explanation
Regulation B generally requires creditors to retain mortgage application records for 25 months after notifying the applicant of the action taken (12 months for business credit in some cases). Six, twelve, and thirty-six months are not the standard consumer-credit retention period under Regulation B. This supports fair-lending examination and enforcement.
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