A mortgage authorization letter allows a third party for the mortgage loan repayment options and details with the lender on behalf of the borrower. This letter is written by borrowers and are directed towards the financial system or the lender. It’s a legal document which gives authority to an individual to access and perform a particular work. The person granting the authorization may not be physically present. These letters are written to deal with the legal and financial issues.
In the process of mortgage authorization, there are three parties involved; one party is responsible for granting the authority, one is involved in the transaction and the other for performing the given authority. These letters consist of either dealing with a contract, or some other financial matters. Thus, it should be dealt precisely. The authorized party is responsible for all the circumstances be positive or negative created after that.
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Mortgage Authorization Letter Writing Tips
- The tone of the letter should be formal.
- Mention who is being authorized and for what exactly.
- The letter should be short and precise.
- The letter should contain the period of the authorization.
- The letter must specify the task that has been assigned to the third party.
- These letters shouldn’t be taken lightly as they are financial in nature.
Mortgage Authorization Letter Sample Template
Use our free Mortgage Authorization Letter Sample to help you get started.
Citi Mortgage Inc.,
102, East Street,
Alberta, Canada, 834.
Texas, USA, 900141
Subject: Mortgage authorization letter
Dear Mr. Steve,
This letter is to inform you that I have a mortgage account with your company. I recently got married and would like to share the mortgage installment amount with my wife.
I at this moment declare that Citi Mortgage Inc. is authorized by me to share and release all the information related the loans to my wife, Lily Kate. I request you to do the needful regarding this matter and also provide me with an acknowledgment for the same. I have enclosed the details regarding my mortgage account with this letter. Please ensure that the changes are made at the soonest.
The following is the Email format to be followed for a mortgage authorization letter.
Subject: Mortgage authorization letter.
Dear_________(Sir or Madam),
I am writing regarding my account number XYZ; I have with your company. I am having some health issues and will have to undergo a major medical procedure. I need you to appoint my daughter as a representative over my account during my medical down time.
Please allow her to make deposits, withdraw cash, purchase money orders or cashier’s checks and to have full access to my account during this time. In case I don’t make it through the surgical procedures, my will allows her access the safety boxes I have with your bank. Her access to my account should be granted at the soonest till notified. Please ensure that the changes are made at the soonest and it is effective from the next day.
(Name of the sender)