Borrower Consents & Authorizations
Borrower Consents Overview
During the application process, borrowers are presented with required Consents & Authorizations. Maxwell supplies default legal language vetted by our Compliance team for most standard consents including Terms of Service, eConsent, and Credit Authorizations, but your organization can customize both the language displayed in the consent and the full terms shown to the borrower.
After the borrower provides consent, the POS generates a PDF record that includes the full terms, along with the date, time, and IP address of acceptance. This document is stored in the Document Vault, where it is accessible to both the borrower and the lender.
Lenders may provide custom terms or addendums provided by their legal or compliance teams. Doing so shifts full compliance responsibility to the client. For product specific disclosures (e.g., HELOCs or ARMs), the lender must host their own disclosure terms with details specific to their program.
Consent Record Keeping
All borrower consents are logged in the Lender Activity Log.
For all file and product level disclosures Maxwell generates a PDF record containing:
Full consent language
Borrower name and email
Timestamp and IP address
All PDF records are available to push to the LOS document folders for record keeping.
When there are standard consent record fields available in the LOS. Maxwell will push the consent record and metadata to the LOS.
Types of Consent Tasks
Maxwell supports three categories of borrower consents:
1. User-Level Consents
Collected once, upon the borrower's first login into our platform
Examples
Privacy Policy Consent – Informs borrowers about how their data is collected, used, and protected.
Terms of Use Agreement – Outlines the legal terms for using the digital lending platform.
Configuration:
Terms are hardcoded by default (no setup required).
Custom terms can be provided by the organization, just pass along your organizations copy to your customer support manager at the time of on-boarding or updates.
2. File-Level Consents
Collected with each loan application start of loan application
Applies to new borrowers or co-borrowers added post-submission.
E-Consent – Required under E-SIGN Act; allows electronic delivery/signing of disclosures.
Credit Consent – Required under FCRA and ECOA; authorizes credit report access.
Consent to Contact – Permits communication via phone, text, email (including automated systems).
3. Conditional Product Level Consents & Disclosures
Triggered when borrowers apply for specific product types (e.g., HELOC, ARM). After the product selection Maxwell will display the consent to the borrower to review an agree to prior to continuing with that product application.
Examples:
HELOC Program Disclosures Required under TILA/Reg Z. Includes CFPB HELOC packet and program-specific terms: credit limit, interest rates, fees, payment schedule, and risks.
ARM Disclosures Required under TILA/Reg Z. Includes CHARM Booklet and ARM program disclosures: rate/payment adjustments, index/margin info, caps, and amortization risks.
Configuration:
Maxwell will set up the consent task and logic based on the organization blueprint.
Lender will need to provide a hosted link to their disclosure packets containing their specific rates, payments, and fee schedule they offer
Custom Consents
Our consents service that allows our lenders to collect custom consent & disclosures acknowledgement from borrowers that are specific for your organization and can be triggered off of specific event logic.
If you would like to include any special consents or disclaimers on your site like Terms and Conditions, Consent to Marketing/Contact, or anything else please reach out to [email protected] with the borrower consent terms and we will set it up for your organization settings.
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