Borrower's Authorization for the United States

Borrower's Authorization Template for United States

A Borrower's Authorization is a legal document used in the United States that grants permission to lenders and related parties to verify and access personal, financial, and credit information about the borrower. The document complies with federal regulations including the Fair Credit Reporting Act and state-specific privacy laws. It typically includes specific permissions for credit checks, employment verification, and sharing of financial information with necessary third parties during the loan application and servicing process.

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What is a Borrower's Authorization?

The Borrower's Authorization document has become increasingly important in the United States lending landscape due to enhanced privacy regulations and consumer protection requirements. This document serves as a critical compliance tool, enabling lenders to legally obtain and verify borrower information while maintaining transparency and protecting consumer rights. It's particularly essential in today's lending environment where multiple parties may need access to borrower information for loan processing, underwriting, and servicing purposes. The authorization typically remains valid throughout the loan application process and may extend through the life of the loan, depending on the specific terms.

What sections should be included in a Borrower's Authorization?

1. Borrower Information: Full legal name, address, and other identifying information of the borrower

2. Authorization Scope: Specific permissions being granted by the borrower regarding credit checks, verification of employment, income, assets, and other relevant financial information

3. Purpose Statement: Clear statement of why the authorization is being requested and how the information will be used

4. Duration of Authorization: Time period for which the authorization remains valid and any automatic expiration terms

5. Privacy Notice Reference: Reference to the attached privacy notice and acknowledgment of receipt

What sections are optional to include in a Borrower's Authorization?

1. Additional Authorized Parties: Section listing other parties authorized to access information, used when multiple parties need access to borrower's information

2. Specific Information Release Details: Detailed list of specific information types authorized for release, used for specialized lending situations

3. Revocation Rights: Process and terms for revoking the authorization, typically included for longer-term authorizations

4. Electronic Communication Consent: Authorization for electronic communication and document delivery, included when electronic communications will be used

What schedules should be included in a Borrower's Authorization?

1. Privacy Notice: Detailed explanation of how the borrower's information will be collected, used, stored, and protected

2. Authorized Recipients Schedule: Comprehensive list of third parties authorized to receive the borrower's information

3. Required Identification Documents: List and copies of identification documents required to verify borrower's identity

4. State-Specific Disclosures: Additional disclosures required by specific state laws where applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Authorization Period
Authorized Parties
Borrower
Confidential Information
Credit Report
Credit Reporting Agencies
Financial Information
Financial Records
Information Recipients
Lender
Loan Application
Personal Information
Privacy Notice
Revocation Notice
Third-Party Verifiers
Verification Sources

Clauses

Authorization Grant
Scope of Authorization
Duration
Privacy
Information Access
Confidentiality
Information Sharing
Third Party Disclosure
Revocation Rights
Record Retention
Data Protection
Consent
Verification Rights
Governing Law
Certification

Relevant Industries

Banking
Mortgage Lending
Consumer Finance
Credit Unions
Alternative Lending

Relevant Teams

Legal
Compliance
Lending
Risk Management
Operations

Relevant Roles

Loan Officer
Compliance Officer
Underwriter
Credit Analyst
Risk Manager

Industries

Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about credit terms and costs, ensuring borrowers understand their rights and responsibilities.

Fair Credit Reporting Act (FCRA): Federal legislation governing the collection, dissemination, and use of consumer credit information, including requirements for credit reporting authorizations.

Equal Credit Opportunity Act (ECOA): Prohibits discrimination in lending practices based on race, color, religion, national origin, sex, marital status, age, or whether an applicant receives public assistance.

Gramm-Leach-Bliley Act: Requires financial institutions to explain their information-sharing practices and protect sensitive data, particularly relevant for borrower authorizations involving personal information.

Fair and Accurate Credit Transactions Act (FACTA): Amendment to FCRA that provides additional privacy and security protections for consumer credit information, including identity theft provisions.

State Privacy Laws: Varying state-specific regulations governing the collection, use, and protection of consumer personal information in lending transactions.

State Lending Regulations: State-specific rules and requirements governing lending practices, including authorization requirements and disclosure obligations.

Consumer Financial Protection Bureau Regulations: Federal agency rules implementing consumer financial protection laws and establishing standards for lending practices and disclosures.

Real Estate Settlement Procedures Act (RESPA): Federal law requiring lenders to provide disclosures to borrowers regarding real estate settlement costs and prohibiting certain practices in real estate settlements.

Home Mortgage Disclosure Act (HMDA): Requires financial institutions to maintain and annually disclose data about home purchases, refinancing, and improvement loans to ensure compliance with fair lending laws.

Data Protection Requirements: Standards for securing and protecting borrower personal and financial information collected during the authorization process.

Record Retention Requirements: Regulations specifying how long borrower authorizations and related documents must be maintained and in what format.

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What is a Borrower's Authorization?

What sections should be included in a Borrower's Authorization?

What sections are optional to include in a Borrower's Authorization?

What schedules should be included in a Borrower's Authorization?

Authors

Alex Denne

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