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In accordance with anti-money laundering legislation, ING Mortgage Broker Services has made an update to the commitment process
for all mortgage products. Two simple new requirements will now be requested:
- Verification of the borrower's identification, and
- Third Party information
Verification of the Borrower's Identification:
Effective February 1st, 2004, all ING MBS Commitment Letters will include the following paragraph:
| "Prior to the mortgage advance date, all borrowers must make available to ING Mortgage Broker Services (or its agent) one
of the following pieces of ID for verification purposes: Birth Certificate, Driver's License, Provincial Health Insurance
card (excluding Ontario, Manitoba and PEI) or Passport. You (the Client) will be contacted in the near future to facilitate
this requirement."
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How will this identification be collected?
- Depending on the type of product, the identification will be collected by the Lawyer or a CLN Agent:
| Product |
Process |
| Purchase, Equity Take-Out or Refinance |
The Lawyer or CLN Agent will collect the ID |
| Switch Not Requiring an Appraisal |
CLN Agent will be asked to collect the Client's ID or the Client may go to the CLN office to provide ID |
| Switch Requiring an Appraisal |
CLN Agent will collect ID at Client's home or Client may go to a CLN office to provide ID |
- The lawyer or agent will verify the client ID and complete an "Identification Verification Form" for submission to ING MBS.
- The ID verification must be done prior to the funding of the mortgage.
Third Party Information:
The Commitment Letter will include a Third Party section with the following question: "Is this mortgage being opened on behalf
of a Third Party?" If the Client answers "Yes", they will be asked to provide more details.
This portion of the commitment letter must be completed, signed and submitted by the Client along with any other required
documents before the mortgage will be funded.
What is your role?
Please help us with this new process by educating and informing your clients about these new requirements. If you have any
questions about these new procedures, please contact your Regional Sales Manager or call ING MBS at 1-800-574-5629.
We appreciate your attention to this matter.
Thank you.
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