Who are you?

The Patriot Act was passed into law on October 24, 2001, just six weeks after the events of 9/11. The Act was recently extended and updated. You can read the Patriot Act online at this site: http://www.epic.org/privacy/terrorism/hr3162.html. Did you know that the USA PATRIOT ACT is actually an acronym? It stands for:

Uniting and

Strengthening

America by

Providing

Appropriate

Tools

Required to

Intercept and

Obstruct

Terrorism

The Patriot Act affects those of us in the lending & title industry. The main sections of the USA Patriot Act refer to major lines of defense that financial institutions can use to fight funding of terrorism. These lines include money laundering prevention, identification of politically exposed persons and customer identification verification. That is why now more than ever we are required to get proper documentation as to the identity of a borrower/buyer. Lenders are now requiring two forms of identification, primarily a driver's license and social security card. Other acceptable forms of identification may include the following:
U.S. Passport
Identification card issued by the U.S. Department of Justice, Immigration & Naturalization
Inmate Identification Card
Identification card issued by any branch of the U.S. Armed Forces
Identification Card issued by a territory of the U.S., Canada or Mexico
It is always wise to check with your lender or title company as to what their requirements are with regard to identification.