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The Monarch Blog
Restrictions on Using a Power of Attorney at Closing

Restrictions on Using a Power of Attorney at Closing By Evelyn Miller, Esq.

Power of attorney is being used less frequently by borrowers these days due to Fannie Mae restrictions put in place in October of 2013. If a lender is involved in the transaction, chances are these new restrictions on power of attorney use will apply to the borrower. Before you assume a power of attorney can be used in a given situation, acquaint yourself with the new rules and check with the lender’s underwriter to see if these rules will be the lender’s guidelines:

1) Power of Attorney is forbidden on cash-out refinance transactions. Period.

2) Unless a family member, Attorney-in Fact may not be:

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With offices conveniently located in the metro DC region, and expertise in all three jurisdictions (Virginia, DC, and Maryland), we offer extensive resources for our clients. We know that buying, selling, or refinancing a home can be an anxious or emotional experience; we work closely and diligently with realtors, lenders, buyers and sellers, and other parties involved in the transaction to ensure a smooth closing experience. You do have a choice in settlement companies - when that important time comes, select Monarch Title.

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