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.
Why use document collection software?
For in the state of Minnesota, how long do I need to keep participation payment breakdowns, if I have to at all?
What is the best way to get documents into our imaging system?
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?
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.
We are moving toward paperless loan files. Does anything have a sample policy concerning what documents you keep, what docs you shred, etc? Do you keep the original docs for a certain period of time then shred them?
We are a credit union and want to make sure that I'm reading this right concerning HELOCs. Under the rule financial institutions originating 100 or more HELOCs will file 2020 HELOC data, but if we originate fewer than 500 in 2018 or 2019 we would not be required to begin collecting and reporting HELOC data until January, 1 2020.
As a credit union do we fall under this rule as well?
We are an electronic filing bank. All of our documents are scanned in and hard copies then shredded. On an MPF file (loans that are Secondary Market loans), how long do we need to keep the file once the loan has been sold/paid off?
We are now scanning all of our deposit and loan documents for our customers. Is there any reason to "block" our lenders from viewing all the documents - such as a drivers license? Currently our lenders are blocked from viewing all deposit documents as well as CIF documents - signature cards, resolutions, trusts, drivers license, etc. Our lenders are required to capture the information from the drivers license when completing the loan application. I can remember back when we had loan files that we weren't allowed to keep a copy of the DL in the file. But now that they are scanned, do they need to be "blocked" from certain employees for viewing?