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How long do you keep the orders from closings?
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How long do you keep the orders from closings?
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Posted by Ilene C. Seidel on 4/20/10 11:22am
Msg #332500

How long do you keep the orders from closings?

I have an identity affidavit from each borrower attached to each order and have 10 years worth. Do you keep records from the title companies in addition to the notary logs? I know we need to keep the notary logs til the cows come home but how long do you keep the orders from the closing? And have any of you scanned old logs (like 5-10 yrs old) in to your computer and destroyed the log itself? Is this the ultimate no no?

Reply by PAW on 4/20/10 12:02pm
Msg #332522

>>> I know we need to keep the notary logs til the cows come home <<<

Since FL does not require the use of notary journals or logs, there is no requirement to keep them. Some states do require notaries keep journals, therefore the state would dictate how long the journal must be kept and how to handle it when the notary retires or the journal is full.

Personally, I have kept all journals and all assignment correspondence, invoices and emails, since the beginning of time. I typically follow the same storage procedures that is required for brokers and loan officers, since I was one in an earlier life, but never played one on TV.

Reply by Ilene C. Seidel on 4/20/10 12:10pm
Msg #332524

Oh geez Paw never on TV? It's their loss.

Reply by Grammyzoom on 4/20/10 12:17pm
Msg #332527

When I get confirmations, loan documents and miscellaneous correspondence for signings I move them to a folder in my email system entitled "pending notary". I keep all of those items in that folder for about 2 months after the signings. That way we can always go back and review the information contained therein, quickly. The actual confirmations, minus second pages, directions etc. are kept for about 7 years or until they are no longer required to be kept for IRS. When we destroy paperwork, we place it in a barrel filled with water and bleach and when it turns to mush we throw it away.

We had a signing with one of our favorite clients last year and after documents were returned the TC called and said we had not gotten the Grant Deed signed. I know myself and there is NO WAY I would have missed a GD. We (our client and I) looked back through the doc package and there was no Grant Deed included. For the sake of our client we drove round trip 240 miles to get one signed because by now the borrowers were on vacation at a lake 120 miles from us. That client is very loyal to us and it was worth the "free" trip to give them great customer service! The point being, that you really need to save those crucial items because you never know when you will need to take a second look at them.

Reply by Calnotary on 4/20/10 1:08pm
Msg #332534

"For the sake of our client we drove round trip 240 miles to get one signed because by now the borrowers were on vacation at a lake 120 miles from us. That client is very loyal to us and it was worth the "free" trip to give them great customer service! The point being, that you really need to save those crucial items because you never know when you will need to take a second look at them."

Wow, I don't know if I would do that for a client, even if it's a very good one. It was their mistake for not including the GD.

Reply by Ilene C. Seidel on 4/20/10 1:22pm
Msg #332539

Yes, but if they get a lot of work from them it's worth the time and effort no matter who's fault it is.

Reply by Grammyzoom on 4/20/10 1:51pm
Msg #332544

Customer Service, the LOST art!

Ilene you hit the nail on the head. We have a very loyal client and do get a steady stream of work from them. It was worth a nice day trip going to a beautiful lake, lunch out on the way back. Great customer service is a lost art and that is what it takes sometimes to give your clients the best of what you have to offer. It has kept me busy for over 8 years through all of the ups and downs of this business.

Reply by Ilene C. Seidel on 4/20/10 1:21pm
Msg #332538

I have all my records back to 2000, just getting tired of moving them around in storage.

Reply by Julie/MI on 4/20/10 2:58pm
Msg #332551

I delete them from my email when I receive payment. I never print them.
My check stubs along with the recorded mortgage at register of deeds are the only records I keep.

Reply by Heidi Hager on 4/20/10 3:00pm
Msg #332552

I delete from email also after each payment received.

Reply by Cari on 4/20/10 3:16pm
Msg #332557

As soon as I get paid, I shred important docs like that and

keep a file of the confirmation, copy of check I received for my work, and company info that hired me.

Your files must be packed!

Reply by Ali/IL on 4/20/10 3:57pm
Msg #332572

Re: As soon as I get paid, I shred important docs like that and

I keep the confirmations in a Comcast folder. I have a form that I fill out with info from the confirmation. After I do the closing I then attach a copy of the shipping label to it.
Now, I have heard that some keep the docs saved? How are you able to save all those docs? And, I thought we were not supposed to keep copies of the closing docs?

Reply by Cari on 4/20/10 7:02pm
Msg #332628

I agree with Ali...can you imagine all that harddrive space

being consumed by unnecessary BO data...not to mention file cabinet space...geez....

it just doesn't make any sense to keep BO confidential info...for what purpose?

Reply by PAW on 4/20/10 7:43pm
Msg #332642

Re: I agree with Ali...can you imagine all that harddrive space

Borrowers files (documents) are never kept. The paper work that is kept is particular to the assignment, not the contents of the documents. I keep things like the confirmation, my invoice, paid check stub or copy of check, closing report and map. Usually about 5 pages of information.

Reply by anita55109 on 4/20/10 4:31pm
Msg #332577

I keep it all for 3 years....as far back as the IRS goes for auditing.

Reply by PAW on 4/20/10 7:46pm
Msg #332643

>>> as far back as the IRS goes for auditing. <<<

Then you need more than 3 years. You need 10 years. Why? If the IRS determines that something happened in the past 3 years, they can extend the audit another 7 years. That makes 10 years. (Actually, then can extend the research even further, but I personally, don't know of any that has gone past 10 years.)


 
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