During the CIP process, a borrower provides a foreign passport as identification but refuses to provide any secondary form of identification. Under CIP requirements, the lender may:
Correct Answer
B) Require additional non-documentary verification methods
Under CIP requirements in 31 CFR 1020.220, when documentary verification is limited, lenders must use non-documentary methods such as contacting the customer, independently verifying information, or checking references to satisfy CIP requirements.
Why This Is the Correct Answer
Under CIP requirements in 31 CFR 1020.220, when documentary verification is limited, lenders must use non-documentary methods such as contacting the customer, independently verifying information, or checking references to satisfy CIP requirements.
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A mortgage lender's employee receives a $25 gift card from an appraiser as a holiday gift, with no expectation of future business referrals. Under RESPA Section 8, this:
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A mortgage applicant provides a valid Social Security card and driver's license, but the SSN was issued in a state different from where the applicant claims to have lived their entire life. Under CIP requirements, this situation: