Which item is not required to be kept for 24 months by a mortgage licensee?

Which item is not required to be kept for 24 months by a mortgage licensee?

• A. Sales Scripts
• B. Training materials
• C. Marketing materials
• D. Credit Authorization

Answer: (D)

Recordkeeping rules require mortgage licensees to retain certain documents used in advertising and employee training for 24 months to demonstrate compliance with communications and education requirements. This includes sales scripts, training materials, and marketing materials because they shape what is presented to borrowers and need to be reviewable by regulators. A credit authorization, while necessary to pull a borrower’s credit, is a transactional consent document and not part of the advertising or training records that the 24-month retention rule targets. Therefore, the item not required to be kept for 24 months is the credit authorization.

Recordkeeping rules require mortgage licensees to retain certain documents used in advertising and employee training for 24 months to demonstrate compliance with communications and education requirements. This includes sales scripts, training materials, and marketing materials because they shape what is presented to borrowers and need to be reviewable by regulators. A credit authorization, while necessary to pull a borrower’s credit, is a transactional consent document and not part of the advertising or training records that the 24-month retention rule targets. Therefore, the item not required to be kept for 24 months is the credit authorization.