Final answer:
A mortgage loan disclosure statement, or broker's loan statement, is required by law to be retained by the broker for a certain period of time. It provides important information to borrowers about the terms and conditions of their mortgage loan.
Step-by-step explanation:
A mortgage loan disclosure statement, also known as a broker's loan statement, is required by law to be retained by the broker for a certain period of time. This statement provides important information to borrowers about the terms and conditions of their mortgage loan.
The retention period for a mortgage loan disclosure statement may vary depending on the jurisdiction and specific laws. In some cases, the statement must be kept for a specific number of years after the loan is closed or the borrower pays off the mortgage.
Retaining the statement allows the broker to refer back to the terms of the loan if any disputes or issues arise in the future. It also serves as a record of the transaction and can be useful for compliance purposes.