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Volume 7 - Number 16

August 1, 2014

FHA Requires Retention of Electronic Documents

Beginning Oct. 1, 2014, FHA lenders will be required to retain both electronic and hard copies of originals of foreclosure-related documents in their servicing files as well as paperwork relating to loss-mitigation reviews. Specifically, lenders must keep electronic copies of the servicerís foreclosure committee recommendation, servicerís referral notice to a foreclosure attorney, and a copy of the document showing the first legal action necessary to initiate foreclosure. Lenders may use electronic storage methods for all other servicing-related documents where retention of a hard copy or original document is not required, according to the FHA. An electronic copy of the mortgage, mortgage note or deed of trust also must be kept and marked ďcopy.Ē Lenders are required to preserve originals and hard copies as specified by regulation. If the note has been lost, ...

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