Posted by Jennifer Maxted on 3/23/07 1:34pm
Msg #181586

Limited power of Attorney

Would someone explain briefly this document please

Reply by Brad_CA on 3/23/07 1:43pm
Msg #181588

By signing this the borrower agrees to cooperate with the lender in adjusting loan documentation for clerical errors after the property closes. If an error is discovered in one of the forms after the closing, the borrower agrees to assist in rectifying the error. Accurate information in the loan package is crucial to closing the loan or selling it later. The Compliance Agreement is executed in consideration of the lender disbursing funds for the closing of the property and to enable the lender to sell, convey or market the loan in the secondary market. Both acknowledgements and jurat formats exist as well as versions that do not require notarization. There are a number of variations to the standard Compliance Agreement including the following:

a. Errors and
Omissions/Compliance

b. Document Correction Agreement

c. Correction Agreement - Limited Power of Attorney.

Reply by Keystone/PA on 3/23/07 1:44pm
Msg #181590

See Msg #16066

There are several topics on this subject, just click on the orange search button to find more. :>

Reply by Jennifer Maxted on 3/23/07 1:52pm
Msg #181595

Re: See Msg #16066

I tried searching but it only is showing me today's forums, everytime I search for another date / topic/ phrases etc it says search not found

Reply by Keystone/PA on 3/23/07 1:59pm
Msg #181598

Check out this site too...

http://www.fanniemae.com/learning_center/pdf/sl_1.3_request_power_attorney.pdf

Hope this helps.

Reply by Blueink_CA on 3/23/07 1:54pm
Msg #181596

The signer grants power of attorney to someone for a specific act. (and only that act) Examples: Getting a vehicle out of impound; handling the sale of a piece of property; correcting loan docs...