What is required if a lender cannot meet an applicant in person for verification?

In scenarios where a lender is unable to meet an applicant in person for verification, the most appropriate and effective course of action is to contract another party to verify the applicant. This method ensures that the necessary verification process remains robust and reliable, upholding the integrity of the lending process. Outsourcing verification to another trusted entity allows the lender to maintain compliance with regulatory requirements, as this third party can provide an independent and objective assessment of the applicant’s information, such as their identity, income, and creditworthiness.

This approach is especially important in instances where in-person verification isn't feasible due to geographical constraints or logistical issues. Using a third-party verifier can also enhance the efficiency of the application process, allowing the lender to move forward with due diligence without compromising on the thoroughness of the verification.

While other options may seem viable, they lack the reliability and effectiveness of contracting a third party, which directly addresses the need for verification when in-person meetings are not possible. Seeking additional documentation may not suffice if essential details need personal verification. Similarly, relying on previous records without a fresh assessment may overlook updated circumstances in the applicant's financial situation. Thus, contracting another party represents the most suitable and comprehensive solution in this context.