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Re: Dear Title Company (preaching to the choir)
Posted by  PAW of FL on 8/15/08 1:27pm Msg #260193
Derrick wrote: >>> What is the real reason why they need to have a copy of the ID. Is it because they do not trust us in doing one of the jobs we where hired for, or is there a legal reason that they need the copy. If it is a legal reason then how come not everyone requires it. <<<

Consumer identification is required by many statutes, policies and procedures. Each financial institution is required to specify the means they use to identify consumers opening new accounts, which includes loans and mortgages. The policy is commonly referred to as a CIP, or Consumer Identification Policy or Procedure. A company's CIP will specify what identifying method is to be used, including what information will be kept on file and how that information is to be obtained. Some companies will require a copy of the ID used to be included in the consumer's file, while others simply need to collect and validate the information on the ID. Again, depends on how the CIP is worded.

More and more companies are getting away from using a copy of an ID and relying more on data gathering. Thus the infamous identify affidavits and various forms currently in use. For example, the "Patriots Act Disclosure/Borrower Identification" (http://www.pawnotary.com/forms/Patriots%20Act%20Disclosure.pdf) form that many companies use.
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Messages in this Thread
 Dear Title Company (preaching to the choir) - sue_pa on 8/15/08 9:22am
 Re: Dear Title Company (preaching to the choir) - The Notary National Signers on 8/15/08 9:27am
 Re: Dear Title Company (preaching to the choir) -  jojo_MN on 8/15/08 9:28am
 Re: Dear Title Company (preaching to the choir) -  PAW on 8/15/08 9:38am
 Re: Dear Title Company (preaching to the choir) -  jojo_MN on 8/15/08 9:44am
 Re: Dear Title Company (preaching to the choir) - The Notary National Signers on 8/15/08 9:49am
 Re: Dear Title Company (preaching to the choir) - Kevin/Ct on 8/15/08 10:20am
 Re: Dear Title Company (preaching to the choir) - Kevin/Ct on 8/15/08 10:18am
 And the choir says "amen sister." n/m -  MichiganAl on 8/15/08 9:52am
 Re: Dear Title Company (preaching to the choir) -  Les_CO on 8/15/08 10:10am
 Re: Dear Title Company (preaching to the choir) -  Therese on 8/15/08 10:14am
 Re: Dear Title Company (preaching to the choir) -  jojo_MN on 8/15/08 10:42am
 Re: Dear Title Company (preaching to the choir) -  Derrick/MT on 8/15/08 11:12am
 Re: Dear Title Company (preaching to the choir) -  jojo_MN on 8/15/08 11:23am
 Re: Dear Title Company (preaching to the choir) - Tannis Zamora on 8/15/08 12:16pm
 Re: Dear Title Company (preaching to the choir) -  Derrick Dodson on 8/15/08 1:06pm
 Re: Dear Title Company (preaching to the choir) -  PAW on 8/15/08 1:27pm
 Re: Dear Title Company (preaching to the choir) -  jojo_MN on 8/15/08 1:31pm
 Actually, that's FALSE ... - Tony_FL on 8/15/08 2:01pm
 If a borrower objects -  MistarellaFL on 8/15/08 1:31pm
 Re: If a borrower objects - Tannis Zamora on 8/15/08 3:53pm
 Re: Dear Title Company (preaching to the choir)Derrick -  Les_CO on 8/15/08 4:41pm
 Re: Derrick -  Les_CO on 8/15/08 7:25pm
 Re: Preach on with your bad self! n/m - hcampersFL on 8/15/08 12:56pm
 Re: Dear Title Company (preaching to the choir) -  LynnNC on 8/15/08 1:35pm



 
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