3.144- What are the Ways to verify a borrower’s identity • USA PATRIOT Act?

The official title of the USA PATRIOT Act is "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001." As part of the Patriot Act, a borrower's identity must be verified before an offer of credit is extended.

A Valid form of Identification is required by the Lender to assure that it is you applying for the Loan and not someone else pretending to be you. The Lender would want to assure that they are lending to the right person. The document must be a valid government issued identification card that bears your photograph. Acceptable form of Identification includes a State Divers License or Identity Card, A Passport or an Alien Registration card.

In addition to providing your Social Security number to the lender for a credit check, A Lender may request a copy of your Social Security card to match it with your Identification to further authenticate your Identity.

Related Topics: Documents Required for a Home Loan Application USA Patriot Act

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