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Paid mortgage files, does it make more sense to keep the entire file for the required period of time or should the documents within the file be broken down into different retention periods? We are in the process of scanning our paper files and are trying decide on the best way to do it.
How you proceed is largely based on the capabilities of your system. Generally we recommend keeping the entire file for the retention period of the document that must be retained for the longest period as a best practice. In the event of an audit, the more documentation available the better.
If your scanning systems lets you set different retention periods for each document that works better. It creates more work up front, but is reduces the bulk of documents over time.
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