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

Thu Dec 29 13:08:23 PST 2022

This is super unfortunate – an underwriter making up their own rules.  What happens if the deal falls through and a new address comes in place – the power to buy sell real estate, effective immediately, should be enough – that being said, it’s almost always either to comply or change the company you are working with.

Good Luck.

Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Britt, Christopher
Sent: Thursday, December 29, 2022 12:59 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Lender won't honor POA RE Fannie Mae

I have had this issue before and found it better just to have them draft it and have it signed when I know that the principals are going to be out of town.  If that is an option, I would say that's your best bet.  Getting into fights with lenders - even when you are definitely correct - will only stall the transaction.

Christopher G. Britt, M.A., J.D.
Attorney at Law
[Image removed by sender.]
1403 S. Grand Blvd., Suite 201-S
Spokane, WA 99203-2278

P: 509.455.3713
D: 509.316.2131
F: +1.509.455.3718 (must dial 1 before area code)
E: christopher at lucentlaw.com<mailto:christopher at lucentlaw.com>
Web: www.lucentlaw.com<http://www.lucentlaw.com/>

On Thu, Dec 29, 2022 at 12:56 PM Kaitlyn Jackson <kaitlyn at dimensionlaw.com<mailto:kaitlyn at dimensionlaw.com>> wrote:
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

--
**Happy Holidays! Please note our office is closed for the Holidays from December 24, 2022 through January 1, 2023.**

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<http://dimensionlaw.com/>
www.dimensionlaw.com<http://www.dimensionlaw.com/>
631 Strander Blvd, Bldg A, Suite G, Tukwila, WA 98188

PRIVILEGED AND CONFIDENTIAL:  This email (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are notified that any review, dissemination, distribution or copying of this email is prohibited. If you have received this email in error, please immediately notify us by email, facsimile, or telephone; return the email to us at the email address below; and destroy all paper and electronic copies.

Sent with Right Inbox<https://www.rightinbox.com/?utm_source=signature>

PRIVILEGED AND CONFIDENTIAL:  This e-mail (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are notified that any review, dissemination, distribution or copying of this e-mail is prohibited. Attempts to intercept this message are in violation of 18 USC 2511(1) of the Electronic Communications Privacy Act, which subjects the interceptor to fines, imprisonment and/or civil damages. If you have received this e-mail in error, please immediately notify us by e-mail, facsimile, or telephone; return the e-mail to us at the e-mail address below; and destroy all paper and electronic copies. Any settlement offer contained herein is made pursuant to Washington ER 408, and without admitting fault or liability on the part of this firm’s client(s) or its agents.  IRS CIRCULAR 230 DISCLAIMER:  To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code; or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter addressed herein.
***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
_______________________________________________
WSBAPT mailing list
WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>
http://mailman.fsr.com/mailman/listinfo/wsbapt
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20221229/79048b04/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: ~WRD0000.jpg
Type: image/jpeg
Size: 823 bytes
Desc: ~WRD0000.jpg
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20221229/79048b04/WRD0000.jpg>