authorization to share applicant information

Posted By: complyorelse

authorization to share applicant information - 03/18/08 07:27 PM

We are financing a large residential development. We also provide residential loans. The developer wants to be as flexible as possible in working with potential buyers. If the potential buyer comes to us for the financing, can we have them sign an "authorization" so we may talk directly with the builder about where they are in the process, down payment ability/needs, etc.? The key is the authorization to do so for this one transaction. Any thoughts?
Posted By: SavannahOne

Re: authorization to share applicant information - 03/19/08 01:55 PM

Sure, though your authorization should acknowledge the potential conflict of interest in working for both the buyer and seller.
Posted By: complyorelse

Re: authorization to share applicant information - 03/19/08 03:46 PM

Thank you for responding. I know it seems so basic but I just want to be sure there is no violation potential. Good point on the buyer/seller acknowledgement.