Posted by KimWmsVA on 10/14/09 8:07am
Msg #307240

POA/Reverse no one had a clue...

Got a call last week for a reverse signing this afternoon. No problem. I called to confirm with the client and after a little conversation, found out that his great niece was his POA and the signing was at her home. She had stated that he gets tired and she will finish was he could finish signing. I asked if the LO was aware of the POA and their intentions. Apparently not. According to the LO, the signing was not going to be by POA. So now I sit and wait, maybe I have a signing this afternoon, maybe not. Don'tcha just love the biz....

Reply by Jim/AL on 10/14/09 8:19am
Msg #307241

Show up with a six pack of RedBull, lol.

Only kidding, sounds rough. Just had simiar last week on a reverse purchase. Found out daughter was signing POA for both and TC had no clue, 24 hr. notice and the TC got it fixed.

Reply by MW/VA on 10/14/09 8:23am
Msg #307242

I could be wrong, but I think I heard somewhere that RM's could not be done with POA.
Either way, POA's have to be approved by the lender.

Reply by Jim/AL on 10/14/09 8:42am
Msg #307247

Hope you are wrong...I have done many RM POA's. Only makes sense that the over 62 crowd would have more reasons for POA.

True, not up to the notary if POA is legal or correct only the lender allowing it or not...we are just making sure the person listed is who they are supposed to be and from NSA side that they sign and initial properly to the lender/TC's desires.

Reply by KimWmsVA on 10/14/09 8:43am
Msg #307248

Did a little more research. A POA for a reverse is ok; however, the individual holding the POA must attend the required reverse mort counseling. Also, the lender should scrutinize the POA documentation. That said, since the lender had no clue about the POA, I guess they did not go through the mandatory counseling???? Such a mess.

Reply by MW/VA on 10/14/09 8:50am
Msg #307250

I'm sure it will work out, Kim. Yes, in this business we can encounter some interesting developments. It's not for the faint of heart, for sure.

Reply by Therese on 10/14/09 6:59pm
Msg #307389

POA's are OK for RM's along as certain conditions are approved by lender and title.
POA can sign for a BO for physical limitations or for compentency reasons. These are
looked at by the lender and title and their requirements.

Side note: POA only needs to attend RM cousenling if the BO is incompetent.