Borrower's Certification & Authorization - United States

Borrower's Certification & Authorization for the United States

Borrower's Certification & Authorization Template for United States

A Borrower's Certification & Authorization is a legal document used in the United States lending industry that combines a borrower's attestation of the truthfulness of their loan application information with various authorizations for the lender to verify this information. The document complies with federal regulations including TILA, FCRA, and ECOA, and includes permissions for credit checks, employment verification, and information sharing. It serves as a critical component in the loan application process, protecting both the lender and borrower under U.S. federal and state lending laws.

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What is a Borrower's Certification & Authorization?

The Borrower's Certification & Authorization document emerged from the need to standardize borrower verifications and authorizations in the U.S. lending industry. It serves multiple purposes: ensuring compliance with federal regulations, protecting lenders from misrepresentation, and providing borrowers with clear documentation of their rights and responsibilities. This document is typically required for all types of loans, from mortgages to personal loans, and has evolved to address modern privacy concerns and electronic verification methods. It combines certification of information accuracy with various authorizations for verification, creating a comprehensive record of the borrower's assertions and permissions.

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

1. Certification Statement: Borrower's declaration that all provided information is true and accurate, including representations about the accuracy of loan application details

2. Information Verification Authorization: Permission for lender to verify employment, income, assets, tax returns, and other financial information with relevant third parties

3. Credit Report Authorization: Specific authorization for lender to obtain credit reports during the loan process and for loan servicing purposes

4. Information Sharing Consent: Authorization for sharing information with necessary parties including lenders, insurers, servicers, and other relevant financial institutions

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

1. Electronic Communication Consent: Optional authorization for electronic document delivery and communication, required when lender offers electronic services

2. Government Monitoring: Optional section for collection of demographic information, required for mortgage loans subject to government monitoring

3. Right to Copy Notice: Optional acknowledgment of right to receive copies of all signed documents, required in certain states

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

1. Privacy Notice: Standard privacy notice detailing how borrower information is collected, used, and protected

2. State-Specific Disclosures: Additional required disclosures that vary by state jurisdiction

3. Information Verification Forms: Standard forms for employment verification, asset verification, and other third-party verifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Personal Information

Clauses

Relevant Industries

Banking
Mortgage Lending
Credit Unions
Financial Services

Relevant Teams

Legal
Compliance
Lending Operations
Risk Management
Credit Administration

Relevant Roles

Loan Officer
Compliance Officer
Credit Analyst
Mortgage Underwriter
Risk Manager
Legal Counsel

Industries

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

Fair Credit Reporting Act (FCRA): Regulates the collection, dissemination, and use of consumer credit information, ensuring accuracy and privacy of credit reporting.

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

Gramm-Leach-Bliley Act: Requires financial institutions to explain their information-sharing practices and protect sensitive consumer data.

Fair and Accurate Credit Transactions Act (FACTA): Amendment to FCRA that provides consumers with fraud and identity theft protections and access to free credit reports.

Dodd-Frank Wall Street Reform Act: Comprehensive financial reform law that created the CFPB and established new consumer protections in lending.

Consumer Financial Protection Bureau Regulations: Federal agency rules governing consumer financial products and services, including lending practices and disclosures.

Federal Trade Commission Requirements: Guidelines and regulations protecting consumers from unfair or deceptive lending practices.

Privacy Act of 1974: Federal law governing the collection, maintenance, use, and dissemination of personal information by federal agencies.

USA PATRIOT Act: Requires financial institutions to verify borrower identity and maintain records to prevent financial crimes.

Bank Secrecy Act: Requires financial institutions to assist government agencies in detecting and preventing money laundering.

State Lending Laws: State-specific regulations governing lending practices, interest rates, and consumer protections within individual states.

Fannie Mae/Freddie Mac Requirements: Guidelines and standards for conforming loans that may be purchased by these government-sponsored enterprises.

FHA Guidelines: Federal Housing Administration requirements for FHA-insured loans, including borrower certifications and authorizations.

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What is a Borrower's Certification & Authorization?

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

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

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

Authors

Alex Denne

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