[WSBAPT] Lender won't honor POA RE Fannie Mae

[Kaitlyn Jackson]

Hi all -

I rarely add to this listserv, but I've had a strange situation arise with
regard to the purchase of a property. Client is purchasing property and
client's son has a POA which is effective immediately and specifically
allows son to purchase, sell, dispose of real property on behalf of Client.
Client will be out of reach during the anticipated closing date for the
purchase and wants Client son to execute closing. Underwriters for the loan
say "no" because POA doesn't contain the specific address of the real
property. Has anyone come across this?

My concern here is that POAs are generally written and if the principal is
incapacitated, new POAs could not be executed for each transaction with
each address. Can the underwriters be convinced this is not necessary?

Would love to hear your feedback.

Kaitlyn

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Thank you,


Kaitlyn R. Jackson, Senior Associate Attorney

Dimension Law Group, PLLC

*Office:*  206-973-3500│*Fax:*  206-577-5090

*Email:* kaitlyn at dimensionlaw.com

*www.dimensionlaw.com <http://www.dimensionlaw.com/>*

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