OAR 441-850-0035: Records and Reports Retention Period

(1) All books and records required under the provisions of ORS 86A.095 through 86A.242 and OAR chapter 441, divisions 850 to 885 shall be maintained for a five year period beginning from the date of a residential mortgage loan is closed, denied or withdrawn: (a) At the principal place of business as designated by the mortgage banker or mortgage broker; (b) At the branch office of the mortgage banker or mortgage broker if the mortgage banker or mortgage broker provides notice to the director; or (c) At a remote storage location if the file is more than six months old, the mortgage broker or banker provides notice to the director, and the mortgage broker or banker institutes an archiving system which provides for identification of the off site file drawer, box or storage container and exact location. (2) An electronically produced or microphotographic duplicate of each document may be substituted for the original document at any time.