What type of records must be maintained by a Utah mortgage company for each loan file?

• A. Only the approved loan amount
• B. Only the borrower's credit report
• C. Only a note of the closing date
• D. Complete, accurate loan files with disclosures, correspondence, and evidence of compliance

Answer: (D)

Complete, accurate loan files with disclosures, correspondence, and evidence of compliance are required because they provide a full, verifiable record of every loan—the disclosures given, all borrower communications, underwriting decisions, and proof that the loan met applicable state and federal laws. In Utah, a mortgage company must retain the entire file for each loan, including disclosures, correspondence, underwriting notes, appraisals, credit reports, closing documents, and any evidence of compliance, for the period required by law. This comprehensive documentation supports regulatory examinations and protects both the borrower and the lender. Focusing on only the loan amount, or only the credit report, or only the closing date does not establish the complete trail of compliance and disclosures that regulators and auditors expect.