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#614004 - 09/15/06 10:18 PM To Image or Not
one auditor Offline
100 Club
Joined: Apr 2004
Posts: 104
Midwest
Management is considering eliminating paper loan files and placing those file contents on the imaging system. Consideration is being given to going to a hybrid approach by keeping certain loan file documents (while imaging them) and disgarding some of the loan file documents (after being imaged).

Can anyone please tell me what concerns would be to going to complete imaging of loan files (especially first, second and home equity mortgages) with no paper being maintained.

Also, can you please comment on what is being done in your shop.


Thank you.

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Audit
#614005 - 09/18/06 03:12 PM Re: To Image or Not
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
We are a hybrid shop, too. Original notes are held in paper format as are car titles and the like.

Pros: As an auditor, it just rocks to be able to access files at my desk w/o having to take them back to the vault each night. I can also access docs that would normally be kept at remote locations. I can even work from other branches, accessing the imaging system.

No more microfilming!

Our external auditors and regulators use it!!

Cons: You can only find the imaged documents if they are where they belong. The trouble here is in the knowledge base of the staff doing the imaging. Also, large files = big list of unorganized documents.

Ever look thru a 100 page appraisal on line when you caould have just flipped thru it to exactly the page you needed?

Finally, there is nothing worse than needing to work in the loan files when the system or network is down.

Another concern: Old dogs - - - we have some loan officers that just can't work w/o touching that file.

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#614006 - 09/19/06 09:50 PM Re: To Image or Not
Appraiser Lady Offline
100 Club
Joined: Jun 2005
Posts: 198
PA
Suggestion to Cornfed Turtle (love the name)...if the appraisal is a pdf, just do a search (Ctrl f). Makes it soooo easy.

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#614007 - 09/19/06 10:47 PM Re: To Image or Not
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Our approach is to keep the original main documents - Note, Loan Agreement, Guaranty, Original Titles - in the note safe. EVERYTHING else is being shredded after a 90 day period. We are doing quality control before shredding anything. Our auditors, external loan review and officers are loving this, even the "old dogs".

(But I can't answer as to the requirements of FNMA and others)
_________________________
Just working here until I get my letter from Hogwarts.

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#614008 - 09/21/06 02:14 PM Re: To Image or Not
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Appraiser Lady, once again you have brought an incredible piece of efficiency to my life! Thanks.

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