Aurora Loan Services or Aurora Bank, FSB, formerly of Lehman Brother and now on its own two feet operating as a FSB or a Federal Savings Bank, has a time frame automatically set up for letter of authorizations to expire. This is currently set at 90 days but if a homeowner so chooses to they can write it up to expire in a different and specific set amount of time. They homeowner can approve a period of 120 Days and all the way up to indefinitely or till further advised. In order to avoid the letter of authorization processing time Aurora Bank allows for its customers to sign up online on www.MyAuroraLoan.com and in their personal profile they can automatically add a 3rd party authorizations. Again they can choose from multiple options as to the length of time to authorize or to leave the authorization permanently until they otherwise choose to. If applied for online it is as easy as signing back into your account to remove the authorization. It is just about instant when done online. If done by fax expect to be waiting a while. Aurora Loan Services is notorious for not receiving faxed. In August and September of 08 they lost all the faxes they received during that time due to a system failure.
Letter of Authorization (LOA) processing time: 3 Business Days