Posted on: 16th Aug, 2007 10:53 am
More specifically, Is a mortgage agent required by law in TN to keep physical documents stored on-site at the office for a limitied amount of time? If so, what other alternatives are there if space in the office is becoming an issue?
Jamison, I can tell you how it is in Florida. In Florida, it is allowed to store files at a location other than licensed location. But for that the Office of Financial Regulation, Bureau of Finance Regulation, is to be notified before the records are relocated (www.flofr.com/Finance/Forms/MBB-ML-Bulletin2007.pdf). It could be similar in TN also but you need to check.
Miller
Miller
You can transfer the documents to another location after taking permission from department of financial institutions in your state.
Hi Jakejamison,
There is no such law in Tennessee which can prevent a mortgage agent in keeping physical documents of loan on site. If the mortgage agent is a registered licensed agent, then there is no problem in storing the loan documents on site.
There is no such law in Tennessee which can prevent a mortgage agent in keeping physical documents of loan on site. If the mortgage agent is a registered licensed agent, then there is no problem in storing the loan documents on site.
Hello Jakejamison,
Electronic document process is a comparatively new strategy that has not yet gained much popularity in US. With this process of e-mortgage, there is no need to involve any papers relating to the loan. Thus it reduces the costs, accelerates an effective transaction. But it is always better to hold both a soft copy as well as a hard copy with you.
Electronic document process is a comparatively new strategy that has not yet gained much popularity in US. With this process of e-mortgage, there is no need to involve any papers relating to the loan. Thus it reduces the costs, accelerates an effective transaction. But it is always better to hold both a soft copy as well as a hard copy with you.