According to the Residential Mortgage Originator and Servicer Licensing Act, how long are licensees required to maintain records?

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The requirement for licensees to maintain records for a specific period is crucial for compliance with regulations outlined in the Residential Mortgage Originator and Servicer Licensing Act. The law mandates that licensees retain all pertinent records for at least 60 months, or five years, from the date of the loan closing or the date of the servicing transfer, whichever is applicable. This time frame ensures that adequate documentation is available for review by regulatory authorities or in case of disputes, thereby promoting transparency and accountability within the mortgage industry. The 60-month retention period allows licensees sufficient time to address any issues that may arise related to their mortgage transactions.