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For over 5 years we have scanned in all our loan files but we have been saving the hard copies of the promissory note, mortgage, security agreement, etc. What is your opinion on continuing to keep these hard copies or letting the scanned document suffice. Thank you!
IMO – This would be a business decision. When determining how long to keep the ‘Hard copies” you would want to verify a couple of things:
1. Bankruptcy requirements
2. If there are any state law requirements when it came to “wet copies” vs. scanned reproductions.OTICE: This email message, including any attachments, is intended only for the addressee, and may contain confidential and privileged information either as protected work product or confidential client information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, do not read, copy, retain, or disseminate this message or any attachment, and please contact the sender by reply e-mail or at 888.760.5646and destroy all copies of the original message and attachments. Neither the transmission of this message or any attachment, nor any error in transmission or misdelivery shall constitute waiver of any applicable legal privilege.
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