Non-Obligor Credit Authorization Form PDF Details

In navigating the complexities of financial assistance programs, individuals may find themselves needing to incorporate the income of non-borrowers residing within their property to qualify for certain benefits. A pertinent step in this process involves the Non-Obligor Credit Authorization form, especially within the framework of Select Portfolio Servicing, Inc. (SPS) and the federal government’s Making Home Affordable (MHA) program. This form is essential for those requesting to include another's income for eligibility verification in MHA. It mandates the acquisition of a credit report for each non-borrower to verify occupancy, consequently requiring their explicit written permission. Importantly, applicants must acknowledge that this process entails a 'hard inquiry' on the non-borrower's credit, potentially impacting their credit score based on their overall credit profile. The nuances of this authorization, from the necessity of each non-borrower's signature to the potential repercussions and the specific submission instructions, encapsulate the intricate balance between assisting loan applicants and preserving the integrity of the financial evaluation process. It underscores not only the procedural aspect but also casts light on the broader implications for participants' credit health, illustrating the interconnected nature of financial assistance programs and personal credit management.

QuestionAnswer
Form NameNon-Obligor Credit Authorization Form
Form Length1 pages
Fillable?Yes
Fillable fields7
Avg. time to fill out1 min 39 sec
Other namesobligor credit, select portfolio sps obligor, non obligor, non obligor online

Form Preview Example

Non-Obligor Credit Check Authorization

Select Portfolio Servicing, Inc. (SPS), is a participant in the federal government’s Making Home Affordable program (“MHA”). If you have requested that we include income from a non-borrower residing in the property in determining whether your account is eligible for participation in MHA, pursuant to MHA guidelines, SPS must obtain a credit report to verify the occupancy for each non-borrower before we can consider using their household income in our determination. Before we obtain a credit report, we must have each non-borrower’s written authorization to do so.

Please note that if SPS obtains the non-borrower’s credit report, their credit score may be adversely affected. SPS would be making a “hard inquiry” on the non-borrower’s credit information; the impact of a hard inquiry on a credit score depends on the non-borrower’s entire credit profile. For more information about credit scores, go to http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre24.shtm.

Please have each non-borrower whose income you have requested we consider sign the authorization below. Return the signed authorization to SPS at:

Select Portfolio Servicing, Inc.

P.O. Box 65250

Salt Lake City, UT 84165-0250

Or fax to:

Fax: (801) 293-3936

SPS Account Number ____________________

I hereby authorize Select Portfolio Servicing, Inc. to obtain my credit report pursuant to MHA guidelines. I agree that SPS will not be held responsible in any manner for relying upon such credit report or for following the authorization I have given herein.

I affirm that my income has not been used to obtain a HAMP modification for any other property.

________________________________________

________________________________________

Non-Borrower Signature

Non-Borrower Signature

________________________________________

________________________________________

Printed Name

Printed Name

________________________________________

________________________________________

Social Security Number

Social Security Number

If you have any questions or concerns, please contact our Loan Resolution Department. Our toll-free number is

(888)818-6032, and representatives are available Monday through Thursday between the hours of 6 a.m. and 8 p.m., Friday from 6 a.m. to 5 p.m., and Saturday from 7 a.m. to 11 a.m., Mountain Time.

Esta carta contiene información importante concerniente a sus derechos. Por favor, hágala traducir. Nuestros representantes bilingues están a su disposición para contestar cualquier pregunta llamando al teléfono 1-800-831-0118 y marque la opción 2.

This information is intended for informational purposes only and is not considered an attempt to collect a

debt.