pleaseadviseParticipantStatus: PhysicianPosts: 1Joined: 03/04/2019
I have a house under contract and am in the process of securing a mortgage. In the “Borrower Certification” document with the lender, the following paragraph is written… “I authorize you to provide to Mortgage Loan Originator, and to any investor to whom Mortgage Loan Originator may sell my mortgage, any and all information and documentation that they request. Such information includes, but is not limited to, employment history and income; bank, money market, and similar account balances; credit history; and copies of income tax return.”
I have concerns about what will happen with my personal financial information and have become spooked by the phrasing suggesting that I allow this information to be sold. Thus far I have not signed the agreement but realize I may be interpreting this incorrectly. My prospective mortgage officer assures me they won’t do anything with the information. Is this standard language, or is this concerning to anyone else?
Thank you for any assistance!March 4, 2019 at 3:26 pm MST #195748TimParticipantStatus: AccountantPosts: 3032Joined: 09/18/2018
This is normal. Conventional loans are rarely held 100% by the originating lender to completion. The loan file and documentation supports the loan. A buyer would require it. Your data isn’t sold to others.Faithful StewardParticipantStatus: Financial Advisor, Small Business OwnerPosts: 511Joined: 06/12/2017
Rey normal language. Nothing to be concerned with. Plus, they probably won’t make the loan without it.
Michael Peterson, CFP® | Faithful Steward Wealth Advisors
https://ProsperousPhysician.com | (717) 496-0900CordMcNallyParticipantStatus: PhysicianPosts: 2817Joined: 01/03/2017
They just want the option to sell your mortgage. I’d be surprised if there’s a lender out there that doesn’t have similar language in their contracts.
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