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#545924 - 05/10/06 04:01 PM CIP on guarantors
Oviedo Boy Offline
Platinum Poster
Joined: May 2006
Posts: 629
Just wondering how many of you collect CIP information on guarantors...I have recently joined a bank where they are not requiring it, which is a new concept for me. I have always collected CIP on the Primary borrower as well as any guarantors the loan may have. Let me know what you think. Thanks in advance for the input.

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#545925 - 05/10/06 04:38 PM Re: CIP on guarantors
CrashDavis Offline
Gold Star
Joined: Jun 2005
Posts: 283
This question came up in our bank and we do not get CIP info on guarantors on loans. It is stated in our policy and also in a Q and A Sheet

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#545926 - 05/10/06 04:41 PM Re: CIP on guarantors
Edr55 Offline
Gold Star
Joined: Jul 2005
Posts: 455
Wasn't there also a similar thread on authorized signers for business accounts?
If I remember correctly, the consensus was that it is not required by regulation, but that it was generally a good idea.

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#545927 - 05/10/06 05:19 PM Re: CIP on guarantors
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#545928 - 05/10/06 05:34 PM Re: CIP on guarantors
AnOn2 Offline
New Poster
Joined: Dec 2004
Posts: 20
We require CIP on our loan guarantors.

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