CIP and Secondary Market Mortgages

Posted By: zippy1

CIP and Secondary Market Mortgages - 11/10/06 04:16 PM

If customer has no other contact or accounts with your institution other than the secondary mortgage market, do you need to obtain complete CIP information, scan it into your system and follow all other rules about retention even though you will never have the loan on your books?
Posted By: Big Dog

Re: CIP and Secondary Market Mortgages - 11/10/06 04:31 PM

I believe if you originated the loan, you need to take care of the CIP. The purchaser of the loans is relying on your procedures to handle CIP.
Posted By: MadisonCali

Re: CIP and Secondary Market Mortgages - 11/10/06 06:49 PM

We sell a majority of our mortgages to the secondary market, and we do have CIP procedures in place.
Posted By: zippy1

Re: CIP and Secondary Market Mortgages - 11/10/06 07:43 PM

Thanks to all for responding so quickly!