Get the free Mortgage Automatic Draft Authorization Form - BB&T Bank

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How to fill out mortgage automatic draft authorization

How to fill out mortgage automatic draft authorization

1. Obtain the necessary authorization form from your mortgage lender. This form is usually available on their website or can be requested from their customer service.
2. Read the instructions provided on the form carefully to understand the requirements and obligations associated with automatic draft authorization.
3. Fill out your personal information, including your name, address, and contact details accurately.
4. Provide your mortgage account number and any other identifying information as requested on the form.
5. Specify the amount you authorize to be automatically drafted from your designated account each month. This should match your monthly mortgage payment.
6. Select the bank account from which the automatic drafts should be made. Provide the bank's name, routing number, and account number.
7. If applicable, indicate the start date for the automatic drafts and any end date if you have a specific period in mind.
8. Review the completed form to ensure all information is correct and legible.
9. Sign and date the authorization form as required.
10. Send the completed form to your mortgage lender either by mail, email, or fax, following the instructions provided.
11. Keep a copy of the filled-out form for your records.

Who needs mortgage automatic draft authorization?

1. Anyone who has a mortgage and wishes to streamline their monthly payment process can benefit from mortgage automatic draft authorization. It is particularly useful for individuals who prefer automated bill payment and want to ensure their mortgage payments are made on time without the need for manual intervention.

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What is mortgage automatic draft authorization?

Mortgage automatic draft authorization allows lenders to automatically withdraw payments from a borrower's bank account each month.

Who is required to file mortgage automatic draft authorization?

Borrowers who have a mortgage with a lender who offers automatic draft authorization services are required to file the authorization form.

How to fill out mortgage automatic draft authorization?

To fill out the mortgage automatic draft authorization form, borrowers need to provide their bank account information, authorization for automatic withdrawals, and signature.

What is the purpose of mortgage automatic draft authorization?

The purpose of mortgage automatic draft authorization is to ensure timely and consistent mortgage payments by enabling automatic withdrawals each month.

What information must be reported on mortgage automatic draft authorization?

The information required on mortgage automatic draft authorization includes borrower's name, loan account number, bank account details, and authorization signature.