Cardholder Authorization Policy

Beginning October 1st 2015 banks have changed policies regarding credit card and EVM technology. In order to better protect the consumer Mortgage Originators using borrowers credit cards to order 3rd party services such as appraisals must have written authorization.

Mortgage Loan Originators that obtain credit card information for borrowers MUST have authorization in writing by the cardholder to use the credit card. It is standard practice in the mortgage industry to use forms such as a credit card authorization form in which the borrower authorizes the use of their credit card for a specific amount and service. Loan Operating Systems often have these forms available with out customization.

It is required that the Mortgage Loan Originator collect this document and keep it retained on file in order to prevent charge backs from the cardholder. In the event that the borrower disputes the credit card charge and the Mortgage Loan Originator is not able to produce the executed authorization form Land Gorilla will refund the charge amount and provide a billing statement directly to the Mortgage Loan Originator for payment.

Collecting the authorization form from the borrower relieves the Mortgage Loan Originator of payment responsibility for the appraisal service. A copy of the form is provided below.

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