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Borrower Authorization Form Mortgage Template for South Africa

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Key Requirements PROMPT example:

Borrower Authorization Form Mortgage

"I need a Borrower Authorization Form Mortgage for South Africa that includes provisions for multiple co-borrowers and authorization for international income verification, as our clients are expatriates planning to purchase property in Cape Town in March 2025."

Document background
The Borrower Authorization Form Mortgage is a crucial document in the South African mortgage application process, designed to meet the requirements of the National Credit Act 34 of 2005, the Financial Intelligence Centre Act, and the Protection of Personal Information Act 4 of 2013. This document is required whenever an individual or entity applies for a mortgage loan in South Africa, providing the necessary authorizations for credit checks, employment verification, and information sharing with relevant third parties. The form serves as a legal safeguard for both the lender and borrower, ensuring transparent information handling and compliance with South African banking and privacy regulations. It includes specific provisions for personal information protection, credit bureau checks, and third-party verifications, making it an essential component of the mortgage application process in South Africa.
Suggested Sections

1. Borrower Information: Detailed personal information of the borrower(s) including full names, ID numbers, contact details, and current address as required by FICA and NCA

2. Purpose of Authorization: Clear statement of the purpose of the authorization form and its relation to the mortgage application process

3. Credit Check Authorization: Specific authorization for credit checks and accessing credit history from credit bureaus as per NCA requirements

4. Information Sharing Consent: Authorization for sharing personal information with necessary third parties, complying with POPIA requirements

5. Document Verification Authorization: Permission to verify documents and information provided in the mortgage application

6. Duration of Authorization: Specification of how long the authorization remains valid

7. Declarations and Confirmations: Borrower's declarations regarding the truthfulness of information provided and understanding of the authorization given

8. Signature and Date: Space for borrower's signature, witness signatures if required, and dating of the document

Optional Sections

1. Co-Borrower Authorization: Additional authorization section when there are multiple borrowers on the application

2. Employment Verification Authorization: Specific authorization for employment and income verification, required for employed borrowers

3. Business Information Authorization: Authorization for verification of business information, required for self-employed borrowers

4. Foreign Account Authorization: Additional authorization for verification of foreign accounts or income, needed for borrowers with international financial ties

5. Trust/Entity Authorization: Special authorization requirements when the borrower is a trust or other legal entity

Suggested Schedules

1. Schedule A - List of Authorized Third Parties: Detailed list of third parties authorized to receive and process the borrower's information

2. Schedule B - Required Documentation Checklist: Comprehensive list of documents required for the mortgage application process

3. Appendix 1 - Privacy Notice: Detailed privacy notice explaining how personal information will be collected, used, and protected as per POPIA requirements

4. Appendix 2 - Credit Bureau Disclosure: Mandatory disclosure about credit bureau checks and their implications as required by the NCA

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























Clauses


















Relevant Industries

Banking

Financial Services

Real Estate

Mortgage Lending

Property Development

Insurance

Legal Services

Credit Services

Financial Technology

Relevant Teams

Legal

Compliance

Credit Risk

Mortgage Operations

Document Processing

Customer Relations

Underwriting

Property Finance

Risk Management

Banking Operations

Relevant Roles

Mortgage Loan Officer

Credit Manager

Compliance Officer

Legal Counsel

Banking Operations Manager

Property Finance Specialist

Risk Assessment Officer

Financial Advisor

Mortgage Underwriter

Document Specialist

Banking Relations Manager

Property Finance Consultant

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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