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What types of identification are acceptable for verifying a client’s/borrower’s identity?

April 26, 2017acceptable borrower client Identification identity types verifying

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What types of identification are acceptable for verifying a client’s/borrower’s identity?

1 Answer

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10 Posted

Each Mortgage Brokerage has a duty to take reasonable steps to verify the identities of its clients/borrowers and other parties in mortgage transactions. If a Mortgage Brokerage is not able to identify the identity of another party, it must advise the client/borrower. The Mortgage Brokerage’s Principal Broker is responsible for developing policies and procedures on verifying clients’/borrowers’ identities, and in ensuring that the Mortgage Brokerage is able to show that it took reasonable steps to verify clients’/borrowers’ identities. To determine what types of identification are acceptable for verifying a client’s/borrower’s identity, consult with your Principal Broker.