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#2104995 - 10/27/16 08:25 PM Payoff Documentation Retention?
Cheli Offline
Platinum Poster
Cheli
Joined: May 2013
Posts: 919
Hi - Is there a retention period for a payoff that we provide to customers? Our Loan Operations/Servicing Dept has been keeping documentation for years...
Curious if there is a retention period now that they are looking to toss them?!

Thoughts?

Thank you

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Mortgage Servicing Rules
#2105653 - 11/02/16 03:07 PM Re: Payoff Documentation Retention? Cheli
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Due to the payoff statement requirements in Reg. Z 1026.36 I would advise following the 1026.25 retention requirements to show compliance.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2105750 - 11/02/16 08:08 PM Re: Payoff Documentation Retention? Cheli
Cheli Offline
Platinum Poster
Cheli
Joined: May 2013
Posts: 919
Thank you, Dan.

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