SIMPLE? I think not

[RdyWlgAbl]

Hello everyone. Quick question. I submitted an online app. to a HML and the reply I received was the company asking me for information. I was to supply them with a: 1008/1003-appraisal (goes without saying)-borrowers auth.-payoffs-and insurance on a SFH that I want to purchase. I don't get the borrowers auth. and the payoffs. Anyone that knows what these terms mean in laymans language, please help me to understand.
Thank you.
Michael

[LRrenewvating]

I am not sure what the borrowers auth is but the payoff is a letter from the mortgage company showing the exact amount to be paid to close the loan.  This amount is usually only good for a certain amount of time ( a week but not more than three from what I have seen) based on their billing cycle.

[RdyWlgAbl]

Thanks Rick.
Ok, now you say its a letter from the mortgage company am I correct? The house has no mortgage, so where do I get this letter.

[christopher w]

You would get the pay-off from whomever you are buying the property from. As for the borrowers authorization that is a form that you would get from a lender that allows someone to verify your information.

[RdyWlgAbl]

 ::)Ok. To get what I am saying this is what the mortgage lender asks,
Thank you for your loan submission.  Would you be able to send me the appraisal, 1008/1003, borrowers auth, payoffs, and insurance.

Justin Piasecki

Now isn't there a couple of items that he should send me to give back to him? or do I have to provide all of these items. ??? ???

[jharris]

I think the lender is assuming that there is a mortgage on the home and asking for a payoff from that mortgage company.  As for "borrowers auth", if you are buying in a company name he may be wanting some corporate docs that show that you have authority to act or sign on behalf of the company (this is a wild guess  )

[RdyWlgAbl]

So basically all that I have to provide is the appraisal, then get insurance. Also tell him that the house has no mortgage, right? As for the authority, I don't know how he came to the conclusion that it was under a business.

[jharris]

So basically all that I have to provide is the appraisal, then get insurance. Also tell him that the house has no mortgage, right? As for the authority, I don't know how he came to the conclusion that it was under a business.

That last was literaly a guess.  You have less that a 50% chance that I'm right on that.  I'd just ask him what Buyer's Auth means when you send the rest of the info.

[Teksch]

The borrower's authorization form is a form that the borrower signs allowing someone to check their credit, employment, etc. Lenders need to see these because the federal law is such that you cannot pry into someone's private life with authorization.

[jharris]

The borrower's authorization form is a form that the borrower signs allowing someone to check their credit, employment, etc. Lenders need to see these because the federal law is such that you cannot pry into someone's private life with authorization.

Umm, that was my second guess  ???

I knew some one else would have a good answer.  It's odd that they didn't include the form with the request.  My guess is that you can probably download it from their site.

[RdyWlgAbl]

I checked the site, not there. I emailed him and asked what else is needed after I explained that there is no mortgage. Thanks everyone. Especially you "T".

[JOHNNY Q]

What are you trying to do with a hard money lender? What is the scenario?