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#1577335 - 07/13/11 04:12 PM Record Retention
More Changes?!? Offline
Member
Joined: Dec 2007
Posts: 98
Does anybody have a listing of record rentention requirements for different documents?

Thank you!

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#1577339 - 07/13/11 04:16 PM Re: Record Retention More Changes?!?
More Changes?!? Offline
Member
Joined: Dec 2007
Posts: 98
If nobody can help me with a comprehensive listing...

how long do we have to keep all loan documents after the loan is paid off. Is there different requirements for Reg B / Z etc?

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#1577752 - 07/14/11 03:15 AM Re: Record Retention More Changes?!?
Dave M_TCA Offline
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Dave M_TCA
Joined: Oct 2000
Posts: 685
Wherever my most benevolent em...
Loan files are typically 5 years after close. That would fit with the requirements for CIP.
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David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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#1590234 - 08/10/11 06:08 PM Re: Record Retention Dave M_TCA
janeb Offline
Junior Member
Joined: May 2004
Posts: 37
Does anyone know if imaging your mortgage loan documents satisfies the retention requirements? I saw a post that indicated it is allowed federally, but that you should check State requirements.

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#1590236 - 08/10/11 06:08 PM Re: Record Retention Dave M_TCA
janeb Offline
Junior Member
Joined: May 2004
Posts: 37
Does anyone know if imaging your mortgage loan documents satisfies the retention requirements? I saw a post that indicated it is allowed federally, but that you should check State requirements.

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#1592555 - 08/16/11 07:50 PM Re: Record Retention janeb
GrannieTwo Offline
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Joined: Nov 2010
Posts: 180
Central IL
Janeb-Have you tried the IBA for guidance? I was wondering the same thing about gl debits/credits. The 08-09 IL Guide to Bank Record Retention - IBA states original entry posting to the GL is RD+5yrs. But we have been imaging our docs for at least 5 yrs if not more so would it be necessary to have the boxes of gl tickets sitting around? Good luck and if I find out anything, I'll post it.
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#1595133 - 08/23/11 02:31 PM Re: Record Retention GrannieTwo
CindyS Offline
100 Club
Joined: Sep 2005
Posts: 133
Illinois
Our bank subscribes to an online record retention guide. That guide advises that if you image, you do not need to keep the original. The imaged version meets the record retention requirements (of course you want to be sure you retain the electronic images for the adequate amount of time and verify that your institution has adequate backup of its electronic media)

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#1945328 - 07/24/14 05:49 PM Re: Record Retention More Changes?!?
acquiescent Offline
Member
acquiescent
Joined: Apr 2014
Posts: 53
Chicago, IL
The ABA has a working group for records management. If you are a member go to the compliance section of the site and you can locate the information. Joining that forum may gain you access to the information you seek.
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