Collecting ID for Mtg. Loan Customers

Posted By: Kahola

Collecting ID for Mtg. Loan Customers - 02/18/03 05:18 PM

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?
Posted By: SMQ, CRCM

Re: Collecting ID for Mtg. Loan Customers - 02/18/03 08:05 PM

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.