For how long must solicitation records be retained?

The correct duration for retaining solicitation records is two years. This requirement aligns with regulatory compliance and ensures that lenders and mortgage professionals maintain adequate documentation of their solicitation activities. Retaining records for two years allows for proper oversight and accountability, enabling regulators to review these records if necessary.

Documentation of solicitations is crucial for transparency and consumer protection, as it helps to track communications with potential borrowers and ensures that marketing practices meet all legal standards. By retaining these records for the specified duration, mortgage professionals can demonstrate their adherence to the laws governing their operations and provide evidence in cases of inquiries or disputes.