Which document in a package typically records the identification the notary examined?

Lenders must verify and record the identity of their customers under federal anti-money-laundering requirements, and loan packages therefore include a form — variously titled a customer identification form, a patriot act form or a borrower identification form — capturing what identification was examined and its details. The signing agent commonly completes or verifies the identification portion at the table, since that is where the documents are physically present. Two points are worth keeping distinct. This form serves the lender's regulatory obligation; the notary's own record of the identification relied upon goes in the journal, and completing the lender's form does not discharge that. And the form typically calls for the document type, issuing authority, number and expiration, so the details are recorded twice in different places for different purposes. The other documents named as alternatives each serve unrelated functions: occupancy, error correction, and the accounting of funds.

A customer identification or patriot act form records the identification examined, satisfying the lender's obligation to verify and document the borrower's identity.

Loan packages include a customer identification or patriot act form recording the identification documents examined, satisfying the lender's identity verification obligations. The notary separately records identification relied upon in the journal.

Their Form, Your Journal. Both record the identification, for two different purposes.

Know the common package documents by function: occupancy, compliance agreement, name affidavit, settlement statement and identification form.

• •Treating the lender's form as replacing the journal entry
• •Confusing it with the compliance agreement
• •Leaving the identification portion for the lender to complete