For how many years must Ohio lenders and brokers maintain records pertaining to mortgage transactions?

In Ohio, lenders and brokers are required to maintain records related to mortgage transactions for a period of four years. This timeframe is established to ensure that all necessary documents and information can be accessed for compliance, audits, and addressing any potential disputes that may arise after the loan has been processed. The four-year retention period is designed to balance the need for record-keeping with the practicality of managing documentation. This regulation helps maintain transparency and accountability in the mortgage industry, which is crucial for consumer protection and regulatory oversight. Understanding this retention requirement is vital for mortgage professionals to comply with state regulations and avoid potential penalties.