Posted by PJM/MI on 9/9/06 6:06am
Msg #144674

POA Conflict

I did a closing about 10 days ago, the wife had a POA signed by her husband. It had been notarized per my states requirement.
3 days ago, the borrower calls me wanting to know where her funds are. I tell her to call the TC and gave her the number. Title tells her the loan was kicked back because the lender, Option One, will not accept a POA. HUH?
Anyone else have this problem?
The situation goes from bad to worse.. the TC never contacted the LO or bo to tell them the loan had been kicked back. BO keeps calling me because she states no one will call her back (ah geez), so I call the TC to get the scoop. Yepper.. Option One will not accept a POA. The LO calls me and wants to know if I can go re-sign docs. ("Not without call & confirmation from TC" I tell him).
So... at 4:30 pm I am printing docs to get this signed..again. (Yea.. I am getting paid for it).
Does the lender have the right to kick back a POA? Even though it met my stayes requirements?

Reply by Julie/MI on 9/9/06 6:12am
Msg #144675

Yes

A lender does not have to accept anything it doesn't want to. Doesn't matter how pretty and perfectly executed the POA is, their underwriting just may not go for it; same with property held in trusts.

They have the power.

Reply by PJM/MI on 9/9/06 6:18am
Msg #144676

Thanks Julie!

Reply by Lee/AR on 9/9/06 6:52am
Msg #144677

Whenever you're confronted with a POA that you were not given a heads up about in the instructions, always call whoever hired you before proceeding with the signing. My experience has been that if they don't know & haven't approved it ahead of time, it isn't going to happen and docs will be re-drawn. Some lenders won't allow a POA, some will. But none of them like 'signing surprises'. I even had one where the B's faxed the POA to the Lender from the table. While the Lender was OK with it, docs still had to be re-drawn.

Reply by Joe_PA on 9/9/06 1:51pm
Msg #144750

I use to have Power of Attorney for my mother. It drawn up by a lawyer withnessed and notorized all legal. What I found out, and confirmed by the lawyer is that not all institutions, financial and otherwise have to accept it.

Reply by Signing_Doc on 9/9/06 9:15am
Msg #144691

Re: POA Conflict dittos to Julie/MI

I had a local signing for a husband/wife in the local title office. Husband out of town (truck driver) left wife POA to do signing for him. At the office with LO waiting for wife to show up. The LO asks me if I know how to notarize a POA. I advise I do and ask LO how do you want wife to word the poa...either jane doe attorney in fact for john doe or some other wording. LO wasn't sure so he/she called the loan company to ask their preference. Loan company adviser LO that they do not accept POA's under any circumstances. They didn't care if the other party was over on the other side of the world...they just had a policy of not accepting POA's. Well, that put a kybosh (sp) on the whole signing and it was cancelled until the husband arrived back in town (about 2 weeks later). So, yeah..."They have the power"

"Doc"

Reply by LkArrowhd/CA on 9/9/06 10:55am
Msg #144705

Re: POA Conflict dittos to Julie/MI n/m