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#1785583 - 02/13/13 04:48 PM copies of loans in file
Tessie Offline
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We have been keeping copies of Ag customer loans in their files and now they say we do not need to keep copies of the loans in the file. Is this right? We have the origionals in a file until it is paid off.

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#1785940 - 02/14/13 02:55 AM Re: copies of loans in file Tessie
rlcarey Online
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I don't understand. Why would you not maintain documentation of agricultural loans in a customer's file?
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#1786141 - 02/14/13 04:54 PM Re: copies of loans in file rlcarey
Tessie Offline
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That is my question. Why would you not keep a copy in the file, but the Home Office says we do not need a copy.
Anything that says we have to or is it up to the Bank?

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#1786183 - 02/14/13 05:33 PM Re: copies of loans in file Tessie
HRH Okie Banker Offline
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Originally Posted By: tasha
We have been keeping copies of Ag customer loans in their files and now they say we do not need to keep copies of the loans in the file. Is this right? We have the origionals in a file until it is paid off.


Perhaps we are not understanding your questions. Like Randy, above, I have to ask why you wouldn't automatically keep a copy of the loan in the file. A file, to me, is a Credit File that contains copies of all the loan documents and supporting information and the originals are kept elsewhere in something protected from theft and disasters.

Once we moved to an imaging system we no longer keep a hard copy of a "credit file" but we still keep the protected file of original documents such as Note, Loan Agreement.
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#1786313 - 02/14/13 07:40 PM Re: copies of loans in file HRH Okie Banker
Tessie Offline
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Sorry for the confusion. My question is do we NEED to keep a copy of the loan in the Ag file. We do not image the loans. We have the orignal note in a loan file. The Home Office said we do not need to keep a copy of the note in their file. I just think it should be kept in their file, but was wondering is there something that says you should or do examiners look at them or do they look just at the orignal loans.

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#1786495 - 02/15/13 04:00 AM Re: copies of loans in file Tessie
rlcarey Online
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You don't "need" to do anything with a customer file. How you file things is not governed by any regulation and it up to the institution. Retention of documents is your only concern.
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#1786964 - 02/15/13 09:56 PM Re: copies of loans in file Tessie
HRH Okie Banker Offline
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We chose to retain a copy in our credit file. We didn't want people checking out the file containing the originals. There is nothing in the file of originals that you couldn't already see in the credit file.
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#1786977 - 02/15/13 10:17 PM Re: copies of loans in file Tessie
Kathleen O. Blanchard Offline

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Can I ask, by copy of the loan, do you mean the note? Usually originals are in the more tightly controlled collateral file. No originals in the credit file (other than approval documents, financial, etc.)
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#1787018 - 02/16/13 02:42 PM Re: copies of loans in file Tessie
rlcarey Online
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Usually originals are in the more tightly controlled collateral file.

Yes, like a fire resistent vault or file cabinet.
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#1787021 - 02/16/13 02:47 PM Re: copies of loans in file Tessie
Kathleen O. Blanchard Offline

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Collateral files should always be in a fire resistant vault ( or cabinet). If staff can sign them out, the temporary storage should be the same.
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