Education only, not legal advice. Rules vary by state and change often. This lesson reflects public sources as of ; confirm every requirement with your own counsel and the regulator before relying on it.
Why records decide disputes
Most compliance problems arrive months after the deal: a merchant says nobody explained the payment, a funder disputes a commission, a lawyer asks for proof of consent to text, a regulator asks what you disclosed. The answer is whatever your records show. A good file lets someone who was not on the deal reconstruct it in ten minutes.
How long to keep each record varies by law, by state and by your funder agreements. Some periods run from the last contact, others from the final payment. Set your schedule with counsel and write it down.
From first contact to submission
Checklist
0 of 7Submission to offer
Checklist
0 of 5Contract to funding and after
Checklist
0 of 8Habits that keep files complete
- Attach documents to the deal, not to a rep's inbox.
- Write a one-line note after every meaningful call: what was discussed, what was promised.
- Never edit or replace a signed document; add the new version alongside it.
- Spot-check five funded files each quarter against this list.
How the CRM helps
Ferrylend keeps most of this on the deal: the document checklist and document types (application, statements, state disclosure, contract, guaranty, verification recording, consent record and more), submissions with what went to which lender, offers, stage history, notes and the timeline, funded deals and commissions, and the audit log. Removing a document from a deal keeps the file for the audit trail. Disclosure tracking with delivery dates, a licence registry and consent audits are part of the compliance pack, which is Coming soon.
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