f. Maintenance of Loan Records

Lenders must maintain copies of all loan origination records on VA guaranteed home loans for at least two years from the date of loan closing.  Even if the loan is sold, the original lender must maintain these records (or legible copies) for the required period.

Loan origination records include

·   the loan application (including any preliminary application)

·   verifications of employment and deposit

·   all credit reports (including preliminary credit reports)

·   copies of each sales contract and addendum

·   letters of explanation for adverse credit items, discrepancies and the like

·   direct references from creditors

·   correspondence with employers

·   appraisal and compliance inspection reports

·   reports on termite and other inspections of the property

·   builder change orders, and

·   all closing papers and documents.

Lenders must make these records accessible to VA personnel conducting audit reviews.