In addition to having written or verbal authorization documented on the loan in order to release information to an Authorized Third Party (ATP), the ATP must fully verify account information - the same verification requirements customers are required to verify – in order to release information.
Third party authorization does not replace the requirement to follow all verification steps.
If a third party has authorization on file – written or verbal – and they are unable to complete the account verification steps, do not release information to the authorized third party.
To determine if a Third Party is authorized:
View the Memos screen in FICS
- Written and Verbal 24-hour authorization provided by the borrower(s) on the loan will be documented in the Memos section
- Written third party authorizations received are uploaded and viewable in the eFolder section in Encompass