Posted by snoopdogMs on 3/27/08 7:16am
Msg #240898

Power-of-Attorney initials

Yesterday morning I had a closing that involved a POA and the RTC dates were incorrect. She signed her husbands' name on the bottom using the verbage-John Doe by Mary Doe, as his attorney-in-fact, I had her use the initials JD by MD for the correction. These docs were faxed back early a.m. and I was called around 6pm to say that I could drop the pac.(everything good). Could not drop the pac because of another closing. At 9pm in the middle of my closing in the sticks, I get a call and was told that the initials were not enough, but that POA after the initials would satisfy the lender. I would have thought that since the signature reflected a POA in action on the same page that the initials were enough. Should there have been more? I have used this format in other POA situations without a problem. They did not object to the those initials on any of the other docs.

Reply by sue_pa on 3/27/08 8:16am
Msg #240901

the only answer is that there is no answer. EVERY time I've got a POA/Trustee/Executor/etc, I get the title company to send me, in writing, how they want everything. I have one client that sends me something different - depending which individual is processing the loan.

Reply by Patricia/VT on 3/27/08 9:18am
Msg #240915

Sue is right. Always ask the TC. In my experience, when a borrower signs as attorney in fact, the borrow then initials like this: MF AIF JF. That is the attorney in fact's initials, then AIF, followed by the absent borrower's initials.

Reply by snoopdogMs on 3/27/08 10:25am
Msg #240929

The title company did tell me how they wanted the signature wording but left the initial up to me and strangely approved all initials except the RTC. Go figure.

Reply by snoopdogMs on 3/27/08 1:13pm
Msg #240954

Correction here

The title company approved all the docs as well as the RTC and said to send them out. It was the lender that called at 9pm and wanted more on the RTC. The title company just called and was wondering why I was faxing them the corrected RTC and said that they had already approved all the docs. and reminded me that she had called and spoke the approval to me. I told her the lender had called and wanted a correction.

Reply by dickb/wi on 3/27/08 12:50pm
Msg #240945

i never worry about the dates that are ......

pre printed on a rtc......the words say 3 days from the date of closing or from the date they rec copies of the rtc.......when they sign the bottom they also date it and that is the date that controls the start time.....then you don't have to worry about intials.....jmho...........

Reply by MistarellaFL on 3/27/08 2:02pm
Msg #240966

Re: i never worry about the dates that are ......

I don't know how you can say that....when dates are not the same, usually there are explicit instructions on how to correctly change the date and have brw intial.
JME.

Reply by dickb/wi on 3/27/08 10:38pm
Msg #241049

mistarella...the top of the rtc is self explanetary......

it says 3 days from this date....from the date of the signing...or 3 days from the time the borrower recvs their copies which ever is later......it is clearly spelled out ...the borrower signs at the bottom and dates it [that that is when they recd their copies] and the clock runs for 3 business days from that date.....