Record Retention-Moving to Paperless Loan Files

Answered by:

Question:

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?

Answer:

This is a good question for counsel or a state association as I'd want the guy who will be submitting our docs to the court to be sure they'll be accepted in our courts. As to retention, it's a state issue and whatever counsel says you're better off keeping on paper, you'd keep as long as required.