3rd party authorization update
**Short Sale Update**
New Federal Rule 3rd Party Authorization
Release of Information Forms Must Now Include Additional Information
Here is a list of the required info for 3rd party contact with lenders in America:
1. Subject property address & loan number.
2. All borrowers of record Names, Addresses & social security numbers.
3. 3rd party info: Name, Address, Names of individuals calling in on behalf of 3rd party.
4. You must define exactly what information can be released to 3rd party by lender.
5. There must be an expiration date for the authorization release form.
6. The authorization must be signed and dated by borrower.
This is from a phone call with Chase this morning, we can’t verify whether or not this is really the case, but thought we’d pass the info along.
Virgil & Lucas
Transaction Engineers
“We Make Deals Happen”
Phone: 208-308-0703
Web: http://www.transactionengineers.com
