Today I want to chat about a document that might pop up during your loan signing process:
The USA PATRIOT Act CIP Form
Sounds a bit intense, right? But don’t worry, I’ll break it down for you in a fun and simple way.
What’s the purpose of this form?
Well...the PATRIOT Act was signed into law in 2001 to help prevent terrorism and money laundering.
Part of this act, specifically Section 326, requires banks and financial institutions to have a Customer Identification Program (CIP) in place. This means they need to verify the identity of anyone opening a new account, including home loan borrowers.
Why is this important for you?
When you’re getting a loan, a Notary Signing Agent (that’s me!) will ask you to fill out a USA PATRIOT Act CIP Form.
This form helps confirm that I’ve properly identified you during the signing appointment. It’s all about keeping things secure and following the rules.
You might see this form under different names like “Verification of Customer Identity” or “PATRIOT Act Information Form,” but they all serve the same purpose. They’ve been around since 2003 and are pretty standard in loan document packages.
You will not see this form included in seller's closing documents because a seller is not taking out a loan.
Here’s a fun fact:
This form doesn’t need to be notarized. But...since I’m already there to help with your loan documents, I’ll handle the info required.
What information is required?
Typically, it includes your name, date of birth, Social Security number, or tax ID number. I’ll also jot down details about the ID you provide, like the type, number, issuing state, when it was issued and when it expires.
What form of ID is required?
Generally, only one form of ID is required, but at times two forms may be required. Common ones include your driver’s license, passport, or any other government-issued ID with a photo and signature. Just make sure it’s current and not expired!
So there you have it—a quick and easy guide to the USA PATRIOT Act CIP Form. It’s all about keeping things secure and making sure everyone’s playing by the rules.
If you have any more questions or need help with your loan documents, you know where to find me!
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