Recommendations from Lender*VP – Document Retention for Denied Applications

What is your credit union’s current retention plan for documents relating to denied applications?  Lender*VP has recommendations for your credit union, as detailed below.

Lender*VP recommends that any/all relevant documentation and information that is used to deny loan applications should be saved by your credit union for a period of at least 25 months.  Relevant documents can include:

• The application form
• The loan officer worksheet
• Any other documents that were used to make the decision

Remember that denied applications themselves are not saved in the system, and therefore cannot be used as part of the retention program.