Mortgage Loan File Document Retention

We are in the process of rethinking how our Mortgage Loan files are stored in order to save space for more business that is anticipated in the late third or fourth quarters of 2006 with the introduction of several new product offerings. Several employees have asked if we can reduce the mortgage loan file space by imaging documents in those file. They asked what documents can be imaged with the hardcopy thrown away.

My question is, can anyone please help me with compliance requirements for retaining hardcopies of mortgage loan file documents and which documents can be thrown out after being imaged.

Thank you.

You need to spend some time with your legal counsel. There are no "compliance" requirements that deal with originals or copies. Copies are fine for compliance. It is a legal question.