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CIP Collection for Mortgage Loan Joint App

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Question: 
Mortgage loan application, joint applicants are husband and wife. The wife is the Attorney In Fact for husband and both own the real estate. Who should CIP data be collected on? Attorney in Fact?, both?
Answer: 

If the mortgage is originated they both will be your customer. Unless the husband is mentally or physically incapacitated (in other words legally incapable) you will need to collect the CIP information for both.

First published on BankersOnline.com 4/22/13

First published on 04/22/2013

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