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#1426822 - 08/10/10 06:58 PM KY Mortgage Record Retention
Turner84 Offline
Junior Member
Joined: Aug 2009
Posts: 25
How long are we to keep paid off mortgage files? I found a blurb in the 5th edition FMS Record Retention manaul stating all loan files: LIFE+6. One of my co-workers says no it's 2 years, another said no it's definitly forever. Then to add to my confusion, I saw a post on here saying 5 years after closing. Does anyone know for a fact? Or, is there even a real set retention term?

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#1426874 - 08/10/10 07:52 PM Re: KY Mortgage Record Retention Turner84
rlcarey Online
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Joined: Jul 2001
Posts: 79,281
Galveston, TX
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1427088 - 08/11/10 12:20 PM Re: KY Mortgage Record Retention rlcarey
Skittles Offline
10K Club
Joined: Sep 2002
Posts: 13,963
Thanks Randy. I was getting ready to pull out my copy.

Turner84 - this is the Kentucky Retention Schedule and I use it constantly. It was updated a few years ago so it is current.
My Opinions Only

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#1428114 - 08/12/10 03:33 PM Re: KY Mortgage Record Retention Skittles
DerrickAuditor Offline
Joined: Mar 2008
Posts: 91
This is a great schedule - however, keep in mind, this is just what's required by Kentucky - it may not include all banking regulatory retention requirements, SEC/SOX requirements (if applicable), etc. Also, if you have branches in other states (Indiana, Ohio, etc.), their requirements could be different.

Unfortunately, we have found many documents that have longer retention requirements than what is listed this schedule. So, we began using www.recordretentiononline.com to help us confirm we are holding onto our documents (paper, electronic, etc.) for the longest period required by the strictest requirement (state/federal banking regulations/SEC/SOX, etc.). They are inexpensive and it is a good one-stop-source.

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