Patriot Act Form - A Quick Guide

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So I had a couple questions come through to me recently about one of the forms that commonly comes up in a loan signing package... not every time.. but a lot of the time. There is a lot of confusion about how to complete the Patriot Act Form so I wanted to throw together this quick article to give you guys a breakdown of what it is, and how it works for us loan signing agents when we come across it in the field.

Click below to read more and get a better breakdown of the form and what it means to us.

What is the Patriot Act Form?

Since it was signed into law, and started to be used, the Patriot Act form has raised massive concerns about privacy and safety for the average consumer. There’s been a huge debate ever since it came into existence; is there even a need for it or not?
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Naturally, the biggest seeds of doubts and confusion come from people not really knowing what the act is intended for, or what the form is meant to do Many people have lost sight on the act’s meaning and purpose, and some struggle to accept its validity in our modern day

As of 2021, a large portion of the population, especially the younger purchasers, may not even know about the Act.
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So, here, let’s dig in and decipher the meaning, purpose, and validity of the act and the form, and how it applies to us.

Understanding the Patriot Act Form

To get a clear understanding of this act, it’s necessary to remember that it was never a form used for collection of data during mortgage tranactions until the law came into effect in our nation. Instead, the Patriot Act was a consequence. 

But the question is; a consequence of what exactly? 

To answer that, you again have to think back, to something that although recent in our history, seems to not be thought about that often; the events of September 2001 when some terrorist attacks shook the country’s economy, security, and stability. The Patriot Act came into being immediately after these awful attacks and the events surrounding them.

It was a means of increasing and enhancing safety. Even though, some proposed clauses of the Act were too strong and controlling to receive initial approval. For example, initially, the Act suggested detaining immigrants with no proven criminal records. But the Supreme Court ruled it out. 

One aspect of the law that caused a lot of problems with many Americans is the large expansion of national security surveillance. It granted the authority to law enforcement and Federal officials to keep covert surveillance over people without being questioned.

Other clauses were less controversial and acceptable, such as the one that suggested  tracking down finances of organizations and individuals who are known terrorists, or associated with terrorirsts. It was a means of following the money so that we would be able to get an early view of any terrorist activity.

What does the Patriot Act actually do? 

The patriot act permitted the collection of data and higher levels of surveillance for the sake of increased security  – okay.

But what does it actually do? How does it concern you on an individual level? 

Well, it’s simple. The patriot act works the same as a in our situaions as well. It keeps track of mortgage transactions so that the federal government can be sure that mortgage money isn't being used to fund terrorism.

When we have the Patriot Act form included in the mortgage or refinance package, we complete the form as the instructions indicate. Us notary signing agents are tasked with documenting the client's identification. Usully that means making sure that it's fill out with the right driver's license information.

Some cases require two forms of identification for verification. The form indicates whether it needs one or two ID's, and it gives an acceptable form of ID for us to check when it's being completed.

Does the Patriot Act need to be notarized? 

As you know, a otarization refers to a legal document verification process that ensures no fraud takes place between two parties. Loan signing agents are specialized signing agents specifically trained to complete the documents associated with the closing of a mortgage. 

Essentially, our process is three steps:

1. Verifiying the signer is who they say they are
2. Making sure all documents are filled and signed appropriately
3. Keeping record of the notarizations, per your State regulations.

When it comes to Patriot Act,  the document may or may not require notarization. It depends on what you’re using the Patriot Act for. 

In my experience, since we've already confirmed the signer's identity, there's no need to notarize the Patriot Act Form. I have never notarized one in all of my signings.

But! Please be sure that you read the instructions, or observe the wording on the form to make sure that you're doing the right thing. 

It should be very obvious if you need to notarize the form. If there's no notary verbiage, and no spot to put your official seal, you shouldn't need to notarize it.
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Now that you know all essentials of the Patriot Act form, I hope you can more easily and confidently get the form processed the next time you see it in your package. Good luck!