What loan documents does a Michigan bank need to retain original copies while loan is active? What documents can be retained in electronic format?
What are the biggest issues with manual loan ticklers?
Do most community banks track exceptions with spreadsheets?
Are there set rules on the Cash to Close changing from the LE to the CloD? For example, borrower requests a cash out refinance. The LE discloses in the Cash to Close section that they will be receiving $50,000. We find out prior to closing they want to pay off a loan and receive the leftover money at closing. So the money to the borrower has drastically been reduced. Are the changes in cash to close regulated by certain guidelines?
How long should we keep paper documents before shredding?
What credit documents should we track?
What is the best way to track credit exceptions?
How do we compare document management software vendors?
What should document management software offer at a minimum?
What exception reporting features should we look for?