Per Your Loan Authorization and Agreement Please Provide the Following Document(s): A Guide for Borrowers
When applying for a loan, it’s important to carefully read and understand the loan authorization and agreement. Among other things, this document outlines the borrower’s responsibilities and their obligations to the lender.
One common requirement found in loan authorizations is the request for certain documents from the borrower. This can be a source of confusion or frustration for some borrowers, especially if they are not sure which documents are being requested or why.
To help clear things up, let’s take a closer look at the phrase “per your loan authorization and agreement please provide the following document(s).”
What does that mean?
Simply put, this phrase is asking the borrower to provide specific documents as part of their loan application. The documents being requested should be listed in the loan authorization and agreement, so borrowers should refer to this document to ensure they understand what is needed.
For example, if the loan authorization and agreement requires proof of income, the borrower may be asked to provide pay stubs, W-2s, or tax returns. If the lender needs to verify the borrower’s employment, they may require a letter from the borrower’s employer.
It’s important to provide the requested documents in a timely manner, as this can impact the loan processing timeline. Loan applications can be delayed or even denied if the borrower fails to provide the necessary documentation.
Why is this necessary?
Lenders request specific documents from borrowers for several reasons. First, they want to verify the information provided on the loan application. This includes income, employment, and other personal and financial details.
Additionally, certain documents can help the lender assess the borrower’s ability to repay the loan. For example, a lender may want to see bank statements to confirm that the borrower has sufficient funds to cover the loan payments.
By requiring specific documents, lenders can ensure that they are making informed decisions about lending money and reduce the risk of default.
Tips for Borrowers
If you’re a borrower and are asked to provide documents “per your loan authorization and agreement,” there are a few things to keep in mind:
– Read the loan authorization and agreement carefully to understand what documents are being requested and why.
– Gather all requested documents and provide them in a timely manner to avoid delays or a denied application.
– Keep copies of all documents provided to the lender for your records.
– If you have any questions or concerns about the requested documents, contact your lender or loan officer for clarification.
Conclusion
When a lender asks a borrower to provide documents “per your loan authorization and agreement,” it’s important to take this request seriously. By providing the requested documents in a timely manner, borrowers can help ensure a smooth loan processing experience.
Remember to carefully read the loan authorization and agreement to understand what documents are needed and why. This can help you avoid delays or potential loan denials and ensure that you are able to secure the funding you need.
