AGENCY: Utah Housing Corporation

SERIES: 20007
TITLE: Escrow disbursement backup files
DATES: 1996-2002.
ARRANGEMENT: Chronological

DESCRIPTION: These records document disbursements made from borrower escrow accounts and are used for verification of disbursements if they are in question by the borrower or payee. Borrower escrow accounts are savings accounts, from which the Utah Housing Finance Agency pays the home owner insurance and taxes on the borrower's behalf for 30-year fixed rate mortgage loans. Information includes duplicate checks, invoices, and check registers.

RETENTION

DISPOSITION

RETENTION AND DISPOSITION AUTHORIZATION

Retention and disposition for this series were specifically approved by the State Records Committee.

APPROVED: 03/1999

FORMAT MANAGEMENT

Paper: Retain in Office for 1 year and then transfer to State Records Center. Retain in State Records Center for 33 years and then destroy.

APPRAISAL

Fiscal Legal

This retention is based on the fiscal and legal values the records hold during the 30-year mortgage, plus the recommendations of the Fannie Mae Servicing Guide (I, 404: Record Retention (09/30/96)), which says "After a mortgage is liquidated, the servicer must keep the individual mortgage records for at least four years."

PRIMARY DESIGNATION

Private

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