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.