A written authorization from the borrower in favor of the lender to gather the necessary information about them.

Very important letter/document in the Loan Process. This will allow Lenders, Landlords, Banks, or any other person to give your Mortgage Professional access to your personal information. Make sure you have signed this document once you have chosen your Mortgage Professional.

For example your mortgage agent will need this in order to obtain your current payoff if you are doing a refinance, the loss payee changed on your homeowners insurance, pension or social security awards letters etc..

Borrowers signature authorization is also used by lenders allowing them to pull your credit report.

The Authorization gives the loan officer the power to act on the borrower's behalf to getting a mortgage and only on matters in association with getting the said mortgage. By law, without the signed Borrower Authorization, the borrower's bank, with whom the borrower has a checking/savings account and keeps the funds for down payment and necessary closing costs, is not allowed to disclose any personal financial information regarding the borrower or his checking/savings accounts. Therefore, no verification of funds could be performed without it. In many states, loan officers are also required to have the borrowers' consent before ordering credit reports. The Borrower Authorization Form is one of the documents that a borrower must sign in order to start the mortgage application process.

This one document allows your mortgage professional to accomplish more than any other document you will sign. In addition to verification of funds, handling insurance changes, and pulling credit it allows your mortgage professional to order verification of rent if necessary.