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#446203 - 10/24/05 07:22 PM Mortgage verification
Kaos Offline
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Kaos
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I have a mortgage company trying to re-use a customer authorization that is about 9 months old. Aren't these account verifications supposed to be a point in time? The forms states past and present - not "future". What is the industry standard?

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#446204 - 10/24/05 07:38 PM Re: Mortgage verification
Elwood P. Dowd Offline
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I don't know that there is an industry standard, but even if there were I would say it was outweighed by the "plain language" of the authorization. That's what I would tell them.

Obviously, you could forward it to the customer and ask him to contact you directly if he wants you to provide the information...
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#446205 - 10/24/05 07:47 PM Re: Mortgage verification
Skittles Offline
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TN
Ken,

For some reason I'm thinking that 90 days is the maximum time you can use the authorization, but I don't remember exactly where that came from.
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#446206 - 10/24/05 11:14 PM Re: Mortgage verification
Kaos Offline
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Kaos
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Could that be the mortgage industry standard? I just don't think "blanket authorization for eternity", is what our customer had in mind.

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#446207 - 10/25/05 12:54 PM Re: Mortgage verification
Andy_Z Offline
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I would review Ken's post, as he said "Obviously, you could forward it to the customer and ask him to contact you directly if he wants you to provide the information..."

This is sage advice. I've never heard of one being reused. But I envision myself in front of a jury, and it is easier to explain, "it seemed very dated, and I wanted the assurance from our customer that this was their intent" rather than standing in front of my boss who is asking me "what were you thinking..." The road of caution would not slow the process substantively, would demonstrate to the customer that you are watching out for them, and if the other guy is taking shortcuts, it puts them on notice that you don't.
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#446208 - 10/25/05 01:01 PM Re: Mortgage verification
Skittles Offline
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I found what I was thinking about and I was way off base. It is under the Right to Financial Privacy. If a customer authorizes a bank and he government to obtain information from a financial institution, that authorization is good for 90 days. Sorry - totally different context than this thread.
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