KY Mortgage Record Retention

Posted By: Turner84

KY Mortgage Record Retention - 08/10/10 06:58 PM

How long are we to keep paid off mortgage files? I found a blurb in the 5th edition FMS Record Retention manaul stating all loan files: LIFE+6. One of my co-workers says no it's 2 years, another said no it's definitly forever. Then to add to my confusion, I saw a post on here saying 5 years after closing. Does anyone know for a fact? Or, is there even a real set retention term?
Posted By: rlcarey

Re: KY Mortgage Record Retention - 08/10/10 07:52 PM

Have you ever seen this document:

http://www.kfi.ky.gov/NR/rdonlyres/7DD2A...ionSchedule.pdf
Posted By: Skittles

Re: KY Mortgage Record Retention - 08/11/10 12:20 PM

Thanks Randy. I was getting ready to pull out my copy.

Turner84 - this is the Kentucky Retention Schedule and I use it constantly. It was updated a few years ago so it is current.
Posted By: DerrickAuditor

Re: KY Mortgage Record Retention - 08/12/10 03:33 PM

This is a great schedule - however, keep in mind, this is just what's required by Kentucky - it may not include all banking regulatory retention requirements, SEC/SOX requirements (if applicable), etc. Also, if you have branches in other states (Indiana, Ohio, etc.), their requirements could be different.

Unfortunately, we have found many documents that have longer retention requirements than what is listed this schedule. So, we began using www.recordretentiononline.com to help us confirm we are holding onto our documents (paper, electronic, etc.) for the longest period required by the strictest requirement (state/federal banking regulations/SEC/SOX, etc.). They are inexpensive and it is a good one-stop-source.