Does the USA Patriot Act affect borrowers and lenders?
Yes. We must verify the identity of all loan applicants in order to comply with the Patriot Act Generally, a current driver’s license is sufficient for most criteria. Lenders must verify name, address, date of birth and Social Security identification number. For employed applicants, the Social Security number is usually included on income documentation but for unemployed applicants, we may need a copy of a social security card. Sometimes, additional documents are necessary to verify identity.
A. Yes. We must verify the identity of all loan applicants in order to comply with the Patriot Act Generally, a current driver’s license is sufficient for most criteria. Lenders must verify name, address, date of birth and Social Security identification number. For employed applicants, the Social Security number is usually included on income documentation but for unemployed applicants, we may need a copy of a social security card. Sometimes, additional documents are necessary to verify identity.
