Hello,

How does your institution handle requests by customers to transfer their loan numbers due to fraud or lost/stolen ID.

Are there any regulation requirements/best practices? Is the loan file notated, do you need a written request from the customer, or do you just change the loan number at the request (no notating or documentation required)?

I am wondering incase an auditor asks why the loan number was changed.

Thanks,

Anyone?

We had a situation where a number of HELOCs were compromised by a hacker. We changed all the account numbers to protect against unauthorized draws.

Did you notate the file explaining why the numbers changed?

Follow your normal authentication requirements for the request. I strongly suggest an audit trail with explanations on changing the numbers. How would anyone reviewing the file know what occurred if you did not? Someone could think there was fraud, or an error unless there is an explanation and notes regarding who authorized the change.