For a mortgage loan application does the Patriot Act notice need to be included in the initial application disclosures?

IMPORTANT INFORMATION ABOUT OPENING AN ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, US Federal law requires all financial institutions to obtain, verify, and record information that identifies each person identified as a “customer”, who opens an account.

What this means for you:
If you are opening an account for yourself or another individual, we will ask for the name, address, date of birth, social security number, and other information that will allow us to identify all customers on the account. We may also ask to see a driver’s license, passport or other identifying documents.

That is a secondary market requirement. The notice on a portfolio loan can be given in a number of different ways, including a sign on the loan officer's desk. Just like for opening a deposit account at the bank.

1020.200(a) (5)(i) Customer notice. The CIP must include procedures for providing bank customers with adequate notice that the bank is requesting information to verify their identities.

(ii) Adequate notice. Notice is adequate if the bank generally describes the identification requirements of this section and provides the notice in a manner reasonably designed to ensure that a customer is able to view the notice, or is otherwise given notice, before opening an account. For example, depending upon the manner in which the account is opened, a bank may post a notice in the lobby or on its Web site, include the notice on its account applications, or use any other form of written or oral notice.

Thanks Randy! I appreciate you taking the time to respond.