Hi - Is there a retention period for a payoff that we provide for our 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

(there is a duplicative thread under Mortgage Servicing - I don't think anyone was viewing that thread, so I brought my question over to this thread. Can someone delete that one?)

1024.38(c) Standard requirements. (1) Record retention. A servicer shall retain records that document actions taken with respect to a borrower's mortgage loan account until one year after the date a mortgage loan is discharged or servicing of a mortgage loan is transferred by the servicer to a transferee servicer.

Also, check state law. The state that I am in requires seven years after a mortgage (or an loan for that matter) is paid in full.