Get quick borrower identity verifications
Financial institutions realize the importance of knowing customers, as well as preventing identity theft and fraud. Various regulations have been put in place to protect borrowers from identity theft. In fact, the USA PATRIOT Act (Patriot Act) places additional requirements on financial institutions to help fight terrorism and other crimes. As part of the Patriot Act, Section 326 requires financial institutions to implement risk-based procedures for:
- “Verifying the identity of any person seeking to open an account [or take out a mortgage], to the extent reasonable and practicable;
- Maintaining records of the information used to verify the person’s identity, including name, address, and other identifying information; and
- Determining whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency” (page 4)
Fannie Mae also posted Announcement SEL-2010-01 on March 2, 2010, which requires lenders to confirm a borrower’s identity in accordance with the Department of Treasury’s Office of Foreign Assets Control (OFAC) regulations and the Patriot Act.
How we help you comply
MCA can provide a solution which manages fraud risk and helps meet the due-diligence requirements of the Patriot Act. For our Identity Verifications, we perform a set of checks, which include:
- Customer identity authentication using both documentary and non-documentary methods
- Digital document retention
- OFAC and government watch list screening and comparison
- Automated workflow for exception resolution and reporting
Get clear, complete reports
- Real-time summary reports supported by detailed analyses
- Industry baseline Risk Indicator
- Exportable management reports
- Color-coded executive dashboard
- Comprehensive compliance certificate
- Resolution and reporting capabilities for false positive identification issues
For more information or to get started, click an icon under “Contact Us” to the right or call 877-250-5243.
