Seems to me this is no different then the lenders pushing state legislatures to require SSN in acts affecting real estate, under the guise back in 1991-92 of needing to ID the owner of the property for foreclosure and bankruptcy purposes. What resulted instead was to open the door to ID theft and a new industry, ID Theft Protection. Anyone could go to the clerk's office and view public records with the SSN etc on the public acts....
The lender has the identity of the borrowers from the outset, and the lenders should check this information during the approval process.
Obviously the Notary must require a valid government issued photo ID at every signing, and should maintain records showing what process they used to confirm the identity of the parties.
But to require thumbprints...why not mug shots...You could hold up a placard that read "Borrower #1234" ....??
Will notaries, signing agents and attorneys have to next complete forensic training? what if the prints are smudged? etc
We are making it more instrusive and difficult for honest people to do business, This will not stop bad people from doing bad things.
Makes going to the closing of a new home a reall thrill............
Pat Miller, Baton Rouge, LA
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