Applications by Phone - Information Collection

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Question:

When taking an application over the phone, how should the gov't monitoring information be handled? Usually when taking a application over the phone, we also send the application out for signatures. Should this information then be filled out by the customer when signing? We have seen some varying information regarding this, so please be specific on how this should be handled.

Answer:

You must request it in the telephonic application. If you prepopulate all the boxes on the application and send it for signature, do those too. This promotes consistency. You likely also have a letter with that form advising them to denote any corrections. GMI would fall into this category so you are safe in this practice.
First published on BankersOnline.com 8/18/03