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#8673 - 01/10/02 01:54 PM SIC Securities Verification

Does anyone have a source for training materials for SIC Securities Verification? Would appreciate any direction on the topic.

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#8674 - 01/11/02 02:07 PM Re: SIC Securities Verification
LoisLane Offline
Diamond Poster
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
I've used this form which contains information about the requirement and walks the lender through the procedure.


This form must be completed for all stocks or bonds taken as collateral when:
a) Collateral value of stocks or bonds is $10,000 or greater or
b) Borrower has not previously purchased, sold, or pledged securities on a loan, or had a custodial arrangement for investment securities or
c) Securities are bearer instruments, regardless of dollar amount.

Exceptions are: Securities not assigned a CUSIP#; Bond coupons; Uncertificated securities; Global security issues; or any securities issued for which neither record nor beneficial owners can obtain a negotiable securities certificate.

1. Complete
a. Customer name_____________________________________

b. Loan Amount $____________________________________

c. Description of security_________________________________

d. CUSIP # of Securities_________________________________

e. Certificate or Serial #s_________________________________

2. Call (617) 856-4900 and provide the following in sequence:
FINS # - use the # assigned to your bank
Access Code -use the # assigned to your bank
CUSIP Number of the Securities (shown above in 1d)
Certificate or Serial Numbers (shown above in 1e)

3. Record the validation number supplied by the SIC operator

Validation #___________________________________ (confirms that securities have not been reported as lost, stolen, missing or counterfeit.)

4. Date of phone verification_____________________________

5. Name of Loan Officer________________________________

6. Name of employee placing call, if not the loan officer ________________________

7. Branch_________________________________ 8. Date____________________

This form should be placed in customer collateral file.

[This message has been edited by Lois Kohn (edited 01-11-2002).]

[This message has been edited by Lois Kohn (edited 01-11-2002).]

And where is Superman when I need him?

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