Why do Realtors have to give their social security numbers to Lenders?

  • November 08 2011 - US
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Answers (16)

Yay, I'm not on that list!

GO GAMECOCKS!
  • November 09 2011
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Profile picture for sunnyview
Awesome link Norm. I will definitely vote for you in 2012!
  • November 09 2011
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Profile picture for Blue Nile
Well, I'm glad to see that none of my extended family, nor any of the related businesses are on that government exclusion list!

I'm sure I must have realized that such a list exists, but I had no clue it would apply to an agent representing a client that was applying for a government backed loan.

Thanks Norm for enlightening us!
  • November 09 2011
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and I knew that you knew that, Clay. I figured you were still on your first cup of coffee.

Go Gators!
  • November 09 2011
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Ah yes, the exclusionary list.    
  • November 09 2011
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You don't have to provide it, you can always just remove yourself as the agent on the contract.

absent doing that, it's done to rule out a duplicate name on the GSA exclusionary list. (LDP)

https://www.epls.gov/

If your name is on the list you can't participate in a gov't transaction (i,e FHA, etc). The search is done by name.

If a name identical or similar to yours is on the list the ss will help rule you out as being the one named on the list.  

You could do a search yourself, if you don't see your name then there is no other reason the lender would need it, so ask them why. 

  • November 09 2011
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Profile picture for Blue Nile
As Hamp already stated, they cannot run the credit check for the mortgage loan that you are personally trying to get without it...

Realtors are not exempt from the same underwriter requirements that others have to comply with.

And if not applying for a mortgage and not cosigning someone else's mortgage?  Then it is for 1099 filing for work you did for a lender.  Possibly you are doing a BPO for a lender that has to liquidate a REO?

And if you don't already know, do you really have 23 years experience?
  • November 09 2011
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Please disclose the name of a lender that asked for your ss #. You didn't give it out did you?
  • November 09 2011
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I could only guess for a 1099....if they were providing some type of service outside of their normal scope of duties to the lender other than for a referral.

Agents cannot recieve referral fees from lenders or title companies.  It's against the law.
  • November 09 2011
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Profile picture for sunnyview
Why would a lender need that? I see no purpose at all.
  • November 09 2011
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I have never been asked for my ss# by a lender.
  • November 09 2011
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To borrow money, maybe.
  • November 09 2011
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I, personally, have not been asked for my SS#. 
  • November 08 2011
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Profile picture for daveskow
???
  • November 08 2011
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Profile picture for SoCal Engr
After 23 years, I would think she would already know.
  • November 08 2011
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WHEN do Realtors give their SS to lenders ?
  • November 08 2011
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