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.
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