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#2160148 - 01/11/18 12:27 PM Recorded Deed of Trust Record Retention Requiremen
Rollerman Offline
100 Club

Registered: 03/06/06
Posts: 136
I've reviewed 1026.25 and it doesn't seem to clarify my question.

Are we required to keep a physical copy of the deed of trust and note?

The following BankersOnline Q&A seems to imply such is the case (bolding and underlining added):

Retention of Imaged Documents
Question: We image all our loan documents. I am looking for guidance on what can be destroyed after it is imaged.

Answer: The whole point of imaging is to save space. For most regulations you should check each regulation to be sure it authorizes electronic copies. Federal compliance regulations allow electronic storage which includes imaging. In fact, those permissions were first written when microfiche was the state of the art. Federal regulations, such as Regulation B, require only that you be able to reproduce the document or an electronic copy.

Thus, state laws would be your primary concern. Anything that you don't need for meeting legal requirements, such as the original note and deed, can be destroyed when copied. However, any state requirements for original legal documents would probably mean that you should keep those documents unless state law specifically permits electronic reproductions.

Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 6, 5/05

Thanks in advance!!!

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#2160154 - 01/11/18 12:54 PM Re: Recorded Deed of Trust Record Retention Requiremen [Re: Rollerman]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67859
Loc: Galveston, TX
It all depends on your State's law regarding evidentiary standards.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2160183 - 01/11/18 02:26 PM Re: Recorded Deed of Trust Record Retention Requiremen [Re: Rollerman]
Rollerman Offline
100 Club

Registered: 03/06/06
Posts: 136
As in something like this?

TITLE 9

EVIDENCE

CHAPTER 3

PUBLIC WRITINGS

9-321. Public record of private writing — How proved. A public record of a private writing may be proved by the original record, or by a copy thereof, certified by the legal keeper of the record.


History:

[(9-321) C.C.P. 1881, sec. 915; R.S., R.C., & C.L., sec. 5978; C.S., sec. 7953; I.C.A., sec. 16-314.]

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#2160192 - 01/11/18 02:47 PM Re: Recorded Deed of Trust Record Retention Requiremen [Re: Rollerman]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67859
Loc: Galveston, TX
Question for your legal counsel.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2160196 - 01/11/18 02:54 PM Re: Recorded Deed of Trust Record Retention Requiremen [Re: Rollerman]
Rollerman Offline
100 Club

Registered: 03/06/06
Posts: 136
Thanks!

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#2160227 - 01/11/18 03:51 PM Re: Recorded Deed of Trust Record Retention Requiremen [Re: Rollerman]
MBTCompliance Offline
Gold Star

Registered: 04/18/15
Posts: 305
We obtain funds from the Federal Home Loan Bank and are required to keep the original note and deed of trust for the life of the loan the best I can remember.

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#2160415 - 01/12/18 04:56 PM Re: Recorded Deed of Trust Record Retention Requiremen [Re: Rollerman]
John Burnett Offline

10K Club

Registered: 10/27/00
Posts: 37226
Loc: Cape Cod
In that case, you are retaining the documents on behalf of the FHLB.
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John S. Burnett
BankersOnline.com
Professional Compliance Nerd since 1976
Bankers' Threads User #8

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