In the state of Texas, when opening an account for a campaign fund, are we required to have a TIN or can we use a SSN?
When opening an account or a new loan for a general partnership, is it acceptable to use one of the partners SS# for the Partnership? They never got an EIN for the partnership.
For the second time, a loan officer has presented a loan which is to purchase rental property through the customer's IRA. The Trust Company had procedures on how to title the property, etc. and we followed it to a tee. However, even though we followed their rules, I am not 100% sure that we are following lending rules. The borrower and owner of the RE is stated as "___ Trust Company dba ___ Trust Company Custodian FBO __[our customer's name]__ IRA #______". How do you CIP this entity? Whose TIN and address to use? We were instructed to use the TIN of the main Trust Co, but to use the address of the 'dba' Trust Co. The corporate docs were obtained for the main Trust Co, and all they give us is a list of 22 people from the main Trust Co and their signatures with titles of "Corporate Alternate Signer" stating any of them can sign our docs but state they cannot tell us which of those 22 will be the actual person signing and state they are not required to submita copy of that signers ID. I just want to make sure we are following all steps correctly (legally).
Recently, an LO with poor judgment ran a credit report on a woman after an application from a man who claimed to be her husband, but key here is he was not going to be a co-borrower, he said his credit and income were bad, only his "wife" would be on the loan. Statement of Credit Denial went out, Risk Based Pricing Notices went out, woman is very upset. We ran her credit and says she is not married. Obviously, we goofed and there is peril here. What about joint applications where we speak to only one party and ask permission for pulling credit? Do we have to ask both parties if it is OK to pull credit?
I have a PLLC opened with a husband and wife. It is in the wife's social security number. They both want to leave that way. Can they do this?
Is a W9 required for a commercial loan? Some banks require it, others do not.
Two Questions 1) I'm interested in any discussion and or procedures in place to underwrite consumer loans when applicant does not have a Social Security # however does have a TIN (Tax Identification Number)? 2) Is there anyway to determine if a TIN # is a valid number?
Are we required to obtain a W-9 on our loan customers. Our data processing company issues a TIN missing or not certified exception on a number of our loan customers. I'm unclear on how to deal with these exceptions.
Letter of Credit Refusal Notice Defects Lead to Liability
INADEQUATE L/C NOTICE OF REFUSAL RESULTS IN $1.2 MILLION JUDGMENT