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Question 1 of 2
1. Question
A borrower is applying for a conventional mortgage and has completed the loan application but refuses to sign the lender’s standard Borrower Authorization Form, stating that providing pay stubs and bank statements should be sufficient. The loan officer explains that the lender cannot proceed without written authorization to verify employment and assets directly with third parties. Based on underwriting requirements, how should this situation be handled?
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Question 2 of 2
2. Question
During underwriting, a lender attempts to verify a borrower’s employment directly with the employer but is unable to obtain confirmation because the borrower never signed the standard authorization form included in the loan package. The borrower argues that verbal consent should be sufficient since income documentation was already submitted. How should the lender proceed to remain compliant?
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