Can anyone tell me how their institution, as a general rule, is verifying CIP info for loans? Are you using documentary or non-documentary method (i.e. credit reports)? If you are using credit reports, are there any cons to doing so? If you are not, why did you decide not to? Thanks in advance for any answers you can provide.

We use both documentary and non-doc. Credit reports are just one resource used. I don't know of any "cons" for using the credit reports - they work well for us. Examiners were satisfied.

Our bank generally uses both driver's licenses and credit reports. As far as I know there have been no cons to using the credit reports.

We also use both methods and have not had any problems so far. In the case of a mail or telephone application, we do the non-documentary during the underwriting phase and the documentary is done at closing.