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PWinFL
Florida
469 Posts |
 Posted - 07/02/2009 : 5:16:03 PM
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Keeping records pertinent to your business is not the same as keeping loan documents that have absolutely nothing to do with how your business is run or managed.
I've been advised by an IRS auditor that I should keep my paper and electronic documents (pertinent to my business; invoices, confirmations, correspondence, etc.) at least 7 years. And, yes, they should be locked up with limited access if there is any personal or financial identifying information of those documents.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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LindaH
Florida
1754 Posts |
Posted - 07/02/2009 : 09:18:28 AM
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Once I'm paid I delete all files from my computer (I know, they're there somewhere, but I delete what I can)...however I do keep hard copies of confirmations and general correspondence on the closing together with a hard copy of my invoice...somewhere in there is usually the name of the title company, if not as the hiring party then it's on my invoice...the ONLY time I keep a copy of any loan docs is (a) a copy of the HUD if I'm named on it; or (b) copies of faxbacks sent. To my knowledge, here in FL, I'm not required to keep copies of any closing docs - in fact I think it's discouraged for all the reasons Paul stated.
Not sure how long I'll keep them and not sure if I'm regulated on it - right now I have 3 years' worth and it's not an issue yet that I NEED to clear them out. But they are locked up.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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4113
Florida
32 Posts |
Posted - 07/01/2009 : 8:30:19 PM
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Thank you everyone for the response. I was pretty sure I wasn't required to keep any information from any mortgage closing longer than necessary--say, until I was paid for the assignment!! Now I have some references from which I can refer this woman--should she call me again--or anyone else in the future who makes this claim. Once again, thanx!!
www.marketing-your-niche-business.com |
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PWinFL
Florida
469 Posts |
Posted - 07/01/2009 : 11:01:01 AM
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In Florida (which the original poster is), a notary is not authorized to keep any notarized documents. (See page 42, Florida Governor's Reference Manual for Notaries, ed. 2001)
As for keeping other documents as required by RESPA, or HUD, or any organization, that is for those directly involved in the preparation or processing of the documents. As a signing agent, you are not required to keep any documents. Actually, if you were to keep any documents, you would have to also comply with all the safeguards and requirements outlined in the GLBA, Privacy Act and other statutes, rulings, practices and procedures as they may apply.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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BobbiCT
Connecticut
135 Posts |
Posted - 07/01/2009 : 10:21:59 AM
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In my opinion, a common law notary public should not keep copies of any documents he or she notarizes. The liability of identity theft, privacy violations, etc. is way too great. That said, you should have a journal to refer back to and your business records regarding who contracted with you for the assignment. You could give her the name and address of the company that hired you.
Depending on your state and what a non-attorney is allowed to do (acted as settlement agent; attorney for lender, borrower or seller; agent for title insurance company, agent for mortgage broker) and if you provided other services beyond notarization, there MAY be some document retention requirements. I find it Very Odd that she can't contact the lender? Maybe the "mortgage" isn't hers (just husband) and the lender won't provide any information to her. 99% of anything she needs to know from the "title company" regarding title to the house can be found by paying someone to do a current owner search.
Bobbi in CT |
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4113
Florida
32 Posts |
Posted - 07/01/2009 : 10:03:37 AM
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Hello. I recently got a call from a borrower I was the notary for over two years ago. She was trying to contact her title company. Long story short, her and her husband were now divorced and apparently she didn't have access to the home and for some reason had no way to contact the lender to find out who the title company was. I told her I do not hang on to documents that long so I had no information for her. A few days later she called me and said that her attorney stated that everyone involved in the closing should hang onto important information (I guess settlement statement, etc.) for at least 5 years according to RESPA. Has anyone ever heard of such a requirement for notaries??
www.marketing-your-niche-business.com |
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How long should notary keep important documents?
