A Virginia broker discards the lender lock confirmation in 2026 once the loan has safely closed. From what event does the three-year retention period for lock support run?
Correct Answer
A) Too early: it is kept 3 years from the date the lock expires
A broker must maintain supporting written documentation from the mortgage lender of all lock-in information for at least three years from the date the lock-in expires. Other choices: closing does not start the period; the period runs from the lock expiry rather than the closing; and a file note is not the lender documentation. Source: 10VAC5-160-30(E)
Why This Is the Correct Answer
A broker must maintain supporting written documentation from the mortgage lender of all lock-in information for at least three years from the date the lock-in expires. Other choices: closing does not start the period; the period runs from the lock expiry rather than the closing; and a file note is not the lender documentation. Source: 10VAC5-160-30(E)
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