American Land Title Association
Print Friendly
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

USA PATROIT Act Provision Take Effect

October 1, 2003

Lenders Must Verify Borrower Information

Starting October 1st, lenders must request proof of name, address, date of birth, and Social Security number from people who apply for a mortgage or a home equity line of credit, under a provision of the USA PA TRIOT Act. The new verification is necessary even those borrowers who have been long-time customers.

The Act requires that the regulations must require, at a minimum, for ?financial institutions to implement, and customers (after being given adequate notice) to comply with, reasonable procedures for: (1) verifying the identity of any person seeking to open an account to the extent reasonable and practicable; (2) maintaining records of the information used to verify a person's identity, including name, address, and other identifying information; and (3) consulting lists of known or suspected terrorist organizations provided to the financial institution by any government agency to determine whether a person seeing to open an account appears on any such list.?

Lenders also will have to check mortgage applicants' names against a federal list of terror suspects, report any suspicious individuals or business activities to the feds, and document the steps they take to check out customers.

The new law requires lenders to go to extra lengths to verify identities because the federal government wants to crack down on identity theft and money laundering related to terrorism.

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment