Communications log is a document that contains the summary of communications with the borrower and other parties in a transaction. The purpose of the log is to maintain a record of providing or receiving information and the nature and type of communication. It can be used to document conversations via phone, email, in-person contact, written, etc. A separate communication log should be maintained for each loan within the loan file itself.
Most modern origination and servicing platforms implement an electronic version of the communication log. Depending on the system, it may be maintained for each borrower or for each loan and includes details such as person who was contacted, nature of communication, and time stamp. Some systems also record system generated messages such as transmittal of statements, notices, emails, and other communications. While record of making a phone call would be maintained, the actual phone conversation is not maintained.
Telephone log is a document containing the summary of telephone communications with the borrower and other parties in a transaction. It is a type of a communication log that documents telephone conversations to help maintain a record of providing or receiving certain information in connection with a loan file.
Communications Log should be maintained along with the loan file and for as long as the loan is outstanding.
Updated: Feb 17, 2013