ANo, there is no requirement to update documents the bank relied on to verify someone’s identity, even if the
document relied upon originally has expired. (That this is
not to say that a bank can’t update documentary verification.)
Based on conversations with regulators and FinCEN, Question 7 is directed at updating addresses (or sometimes names),
which can change. In contrast, a person’s identity does not
change with the expiration of an identification document.
Thus, the bank may rely on the previous identification verification as long as the verification document was valid and current at the time of verification. (Response provided 6/2019.)
QI have a TILA RESPA Integrated Disclosure (TRID) question about the specificity of the list of settlement
services on the written list of service providers that
creditors must provide consumers if the creditor allows
consumers to shop for certain services. My bank allows
consumers to shop for most settlement services, including
the settlement agent. Must the bank include on the
written list of service providers every potential service for
which a settlement agent may charge, such as notary and
title search services, if the bank does not require these
ANo. Under comment 3 to §1026.19(e)( 1)(vi) of Regula- tion Z, “The settlement service providers identified on
the written list . . . must correspond to the required settlement
services for which the consumer may shop.” (emphasis added)
To illustrate, Model Form H- 27(B) offers a sample of the writ-
ten list of providers. In the first column of the table is a list of
potential settlement services. The third column identifies a
corresponding “provider we identified.” If the bank does not
require one of the services in the first column, (e.g., lender’s
title policy) it need not include the service or a corresponding
provider on the written list.
The Bureau’s detailed summary of the 2017 changes addresses this issue in further detail ( s3.amazonaws.com/files.
RESPA-Rule-Detailed-Summary-of-Changes-and-Clarifica-tions.pdf). (Response provided 6/2019.) ■
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