03/31/2024
Is there a specific recordkeeping requirement for a lender/credit union to keep mortgage and home equity rate sheets? If there is not a reg, is there a best practice?
07/30/2023
If borrower rescinds a loan, what loan documents must be kept and how long does the bank need to keep them?
06/04/2023
How long does a financial institution need to retain Small Business Loan files on a customer? We have a couple of opinions: 7 years or forever. It there a state or federal requirement or just a best practice based on exams or potential litigation involving the loan?
02/19/2023
We finance furniture and household goods purchases and establish credit lines for customers. We have retained statements since inception in the late 1970's, These statements are for revolving, installment and net 30 commercial accounts.
How long are we legally obligated to retain this documentation in our system? I thought it was 7 years, but in reading through Reg Z - Record Retention, it sounds like it may be 2 years after closure and a zero balance is reached.
Is there a difference for charge off / bankruptcy accounts?
05/29/2022
I am looking for some kind of general records retention schedule. I can not find one on the SC Banker's Assoc. site and have only found a few specific items online. Ours is almost 20 years old and makes no mention of electronic records at all. I've been tasked with a facelift for it and have no idea where to start.
07/05/2020
Why use document collection software?
06/14/2020
For in the state of Minnesota, how long do I need to keep participation payment breakdowns, if I have to at all?
03/29/2020
What is the best way to get documents into our imaging system?
10/13/2019
We have a married couple wanting to fill out a home loan application. They state that they do not have any copies of their tax returns. Can we use the
other documents to verify income or are the tax returns required?
03/03/2019
Under current HMDA definition is a mobile home that is attached to real estate considered a 1-to-4 family dwelling or is it manufactured housing? In my opinion a mobile home affixed to real estate is more similar to housing manufactured off site and delivered/affixed to the land than a home that was traditionally stick built on-site. However, a mobile home does not meet the technical HUD definition of manufactured housing either.