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.