New USA Patriot Act Identification Requirements


New USA Patriot Act Identification Requirements

02-Jun-2005

As of October 1, 2003, The USA Patriot Act requires lenders to collect information from borrowers to confirm their identity.

The Patriot Act requires:
Borrower’s name(s)
Borrower’s date(s) of birth
Address(es)
-For an individual, collect a street address.
-For an individual without a street address, collect a military P.O. Box number or street address of next of kin or another contact individual.
-For a customer other than an individual (business, trust, partnership), collect a principal place of business, local office, or other physical location and an identification number(s) from an official, government-issued, non-expired, picture identification.
-Taxpayer ID Number
-For non-US persons, a taxpayer ID number, passport number with country of issuance, alien ID card number, or other foreign-issued picture ID.

Keeping a copy of the photo identification is easy and prudent

What does this mean to Real Estate licensees? Ask your clients prior to closing if they have photo IDs. If they don’t have current non-expired photo IDs that match their name, the loan will probably not close.