What are the document retention policies for mortgage compan

jakejamison · Joined: 16 Aug 2007 Posts: 1 1.35 Dollars($)

More specifically, Is a mortgage agent required by law in TN to keep physical documents stored on-site at the office for a limitied amount of time? If so, what other alternatives are there if space in the office is becoming an issue?

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Jamison, I can tell you how it is in Florida. In Florida, it is allowed to store files at a location other than licensed location. But for that the Office of Financial Regulation, Bureau of Finance Regulation, is to be notified before the records are relocated (www.flofr.com/Finance/Forms/MBB-ML-Bulletin2007.pdf). It could be similar in TN also but you need to check.

Miller

Guest 0.10 Dollars($)

You can transfer the documents to another location after taking permission from department of financial institutions in your state.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Jakejamison,

There is no such law in Tennessee which can prevent a mortgage agent in keeping physical documents of loan on site. If the mortgage agent is a registered licensed agent, then there is no problem in storing the loan documents on site.

0.10 Dollars($)

Hello Jakejamison,

Electronic document process is a comparatively new strategy that has not yet gained much popularity in US. With this process of e-mortgage, there is no need to involve any papers relating to the loan. Thus it reduces the costs, accelerates an effective transaction. But it is always better to hold both a soft copy as well as a hard copy with you.

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