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#539134 - 04/27/06 05:01 PM Closed Loan Retention
mcgwirefan Offline
Junior Member
Joined: Apr 2006
Posts: 26
Hope this isn't too elementary...Once a loan is paid and closed, how long do we have to keep the paper note and all the documentation that goes with that file? We have payment activity and such on our archives but we wouldn't have the actual note or documents once destroyed.

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Lending Compliance
#539135 - 04/27/06 11:50 PM Re: Closed Loan Retention
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,392
Galveston, TX
Usually 5 to 7 years based on state law requirements. At least 5 years, if the file contains your CIP information.
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