For businesses involved in making/servicing residential mortgages under state license there are specific regulations that mandate the retention of loan files in hard copy if that is their "native format".  Other state regulations require prior approval for the destruction of original loan files and their replacement with imaged copies. The rules are different if loan files are originated electronically.  In that case there is no hard copy original file.  Some state require that loan files be kept in the state in which the loan originated or where the property is located. Other states require prior approval to move such files out of state.

In thinking about such files, and perhaps other files, it is useful to consider their purpose and related evidentiary requirements.  In residential loan files you have documents that establish a legal obligation to the borrower and other documents that serve as evidence that the borrower received disclosures required by that state.  The requirements of replacing hard copy with electronic images may not be the same for both of these.

This is a complex issue, at least in financial services, and one should not make this type of decision without review and legal opinion by competent counsel.

David Gaynon



-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf Of Greene, Ben
Sent: Thursday, October 09, 2008 7:56 AM
To: [log in to unmask]
Subject: Records in Paper Format Question

I know the prevailing knowledge is that a paper record that is imaged may be destroyed once the image quality, etc. is tested and authenticated, but are there any specific cases that are known where a paper copy of a record must
be kept, regardless of whether it is in another format?   Thanks in advance
for any help!



Ben Greene, ermp

Minneapolis, MN




List archives at http://lists.ufl.edu/archives/recmgmt-l.html
Contact [log in to unmask] for assistance To unsubscribe from this list, click the below link. If not already present, place UNSUBSCRIBE RECMGMT-L or UNSUB RECMGMT-L in the body of the message.
mailto:[log in to unmask]

List archives at http://lists.ufl.edu/archives/recmgmt-l.html
Contact [log in to unmask] for assistance
To unsubscribe from this list, click the below link. If not already present, place UNSUBSCRIBE RECMGMT-L or UNSUB RECMGMT-L in the body of the message.
mailto:[log in to unmask]