Posted by cyndi_ca on 9/8/06 12:52pm
Msg #144527

Copies of ID's

Can someone explain to me why in some Lenders instructions to not, under any circumstances, do not include copies of BO's ID's?

Reply by Lee/AR on 9/8/06 4:20pm
Msg #144574

Pick one:
1. They don't trust their employees with this info.
2. They don't want the liability and would rather...
3. Place all liability on the Notary.
4. For the same reason some want all pages initialled and some don't.
5. None of the above
6. Who knows...

Reply by JanetK_CA on 9/9/06 12:05am
Msg #144660

or 7) having photocopies of ID floating around (with a notary, or escrow or lender company employee) can increase the opportunities for ID theft and is just a bad idea!

Personally, I agree with that approach. It's easier and less time consuming for us to just return a photocopy, but I'd rather complete the form. If that borrower is ever a victim of ID theft, I don't want to be anywhere near the list of possible suspects. jmo

Reply by TitleGalCA on 9/9/06 12:27am
Msg #144664

Lee...sayin' it like it is! Lol. n/m

Reply by MelissaCT on 9/11/06 12:02am
Msg #145047

One company says it's illegal (forget who) as their reason to not take copies of ID -- against the equal credit opportunity act.