This is probably something that has been asked and answered, but I can't find it.
How are you all going to document the the nondocumentary methods used, the results of each method used, and the resolution of any discrepancy?
Will you have a separate identity verification worksheet that becomes a permanent part of the customer file? I could see some of it being stored electronically in the CIF record, but I don't see how you can have a system that would fit every contingency.
What are your plans?
In giving this more thought, I have more questions...
There are several non-documentary methods where the presence of a document in the file could indicate that a particular method was used, and the document itself would show the results. For example, would keeping a copy of a credit report in the loan file be adequate documentation of the fact that the credit report was used for id verification and the results of that method, or must we separately indicate somewhere that a credit report was used for ID verification and that the results were acceptable?
Last edited by GreatBlue; 07/08/03 05:27 PM.
_________________________
Opinions are mine and not necessarily my employer's.