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#62097 - 02/18/03 05:18 PM Collecting ID for Mtg. Loan Customers
Kahola Offline
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Kahola
Joined: May 2001
Posts: 712
Scottsdale, AZ. 85255
We are having a hard time collecting ID for all signers on a mortgage loan at time of application because usually only one borrower comes in the bank to complete an application or applications are taken by mail or telephone. We would like to know what everyone else is doing?

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General Discussion
#62098 - 02/18/03 08:05 PM Re: Collecting ID for Mtg. Loan Customers
SMQ, CRCM Offline

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SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
Technically, we can not be in violation because they have not finalized this yet. We are just doing the best we can and getting the ID at some point in the process.

We have a policy and procedures for CIP, but are somewhat lax on the finer details until it is finalized. We have seen first hand what a nightmare this will be unles there are some major changes to the final reg.
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