What type of file records must escrow maintain for seven years?

File records are essential documents that detail all aspects of an escrow transaction, including agreements, disclosures, and pertinent communications related to the transaction. The requirement to maintain these records for seven years aligns with industry standards and regulatory guidelines. Keeping these records for this duration ensures that any potential issues or disputes that may arise can be adequately addressed, provides a clear audit trail, and supports the integrity of the escrow process.

While other choices might refer to important documents, they do not generally bear the same extensive regulatory retention requirements as file records in escrow transactions. Policy documents, claim records, and inspection reports may have different retention periods based on various laws or organizational policies, but the established norm for file records is to retain them for seven years, affirming the importance of thorough documentation in escrow practices.