In Ohio, how long must loan originators retain records of transactions?

In Ohio, loan originators are required to retain records of transactions for at least three years. This retention period is significant because it aligns with regulations established by the Consumer Financial Protection Bureau (CFPB) and other regulatory bodies, which are designed to ensure that proper documentation is maintained for compliance, audits, and consumer protection purposes. Keeping records for this duration provides a safeguard against potential disputes related to the transaction, such as errors in underwriting or borrower complaints.

Retaining records for three years helps ensure that loan originators can effectively respond to any inquiries or audits from regulatory agencies, maintain accurate historical records of the loans they have originated, and uphold consumer rights by providing transparency. This requirement is an essential aspect of the loan origination process and reflects the industry's commitment to accountability and compliance with financial regulations.