Retention of records; inspection of books (Repealed)

Any documents required by these regulations or by state or federal law in connection with the commitment to purchase, purchase, or servicing of a CHFA mortgage loan and not delivered to CHFA shall be retained by a participating lender for at least two (2) years after the date of purchase by CHFA of the mortgage loan, or such longer period as may be required by law, and, if requested by CHFA, for a reasonable period thereafter. If during such retention time CHFA requests original or certified copies of such documents, the same shall be delivered to CHFA. Where appropriate, such documents may be kept on microfilm, microcard, or other similar photographic media. Participating lenders shall make all records and books maintained in connection with CHFA mortgage loans available for inspection by CHFA upon request during reasonable business hours. CHFA may, at its option, reconvey a mortgage loan to the participating lender that assigned said loan to CHFA if such lender has failed to retain documentation as required herein, and such lender shall pay to CHFA the unpaid principal balance, all accrued and unpaid interest, and any other amounts due.