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Patriot Act and Verifying Address

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According to the Patriot Act, "Know your Customer", when closing a loan for a new home purchase, do we verify the borrower's current address or the one he is purchasing?

For CIP, you validate the address provided in the ID presented to the bank, which will usually be the current address. The bank is not required to validate all elements of CIP, just enough to feel it has properly identified the customer. The bank's CIP program should state what is required. The validity of the address for the property being purchased should be checked via the underwriting, appraisal and title insurance process.

First published on 7/12/10

First published on 07/12/2010

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