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<div dir="ltr">I see Fannie Mae in your subject line. Possibly the only two words that matter in the entire message; we don’t know yet. </div>
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<div dir="ltr">First, literal advice. Second, strategic advice, if I may be so bold as to call it that . . . 🤷🏻♂️</div>
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<div dir="ltr">If the loan is a Fannie Mae loan; and if FM requires either (1) the borrower’s own ink signature OR (2) a POA signed/notarized by borrower that specifically references the address of the encumbered property, then you may be out of luck, because
federal law or rules may supersede any Washington POA statute that requires third parties to “accept valid POAs or else.” So, if I encountered this issue, I would first focus on the FM issue. (This is all assuming Principal cannot simply sign a new, lender-compliant
POA to empower Agent.)</div>
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<div dir="ltr">From there, I would be like water flooding a home: take the path of least resistance. If borrower can do a RON session (with one of lender’s and title company’s approved RON providers) from wherever on earth borrower is, that “should” work either
(a) to do the entire closing OR (b) to sign the proper POA that then allows POA agent to do the closing. </div>
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<div dir="ltr">If it's "do or die" and you know there is a pathway, then keep pressing kindly and offering statutory support in the form of thoughts and questions -- not yelling and finger wagging. The former engenders conversation and is solution oriented.
The latter just makes people hate lawyers even more. </div>
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<div dir="ltr">I personally prefer, "Would RCW 1234 permit you to allow a [RON signing or POA agent signing] and prevent a third party from collecting damages for your reliance, etc.?" vs. "You have no basis to refuse my request. Pursuant to RCW you must [whatever]." </div>
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<div dir="ltr">But what if their "basis" is federal law or some other rule or law that you aren't thinking of? Then you have lost a lot of ground you needn't have. Or just that they're a new underwriter and this is "company policy." Now you're their (not) favorite
lawyer and maybe "not listening" from here forward.</div>
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<div dir="ltr">In my experience, both lending and title underwriters will always FIRST tell their listener that something is required because underwriter knows that listener will nearly always accept it and make it happen accordingly — believing there is no
other option. (I consider this akin to the at-fault party’s insurer in a car accident making an offer for damages and the injured party saying — as the system relies upon most saying — “Okay, well if that’s what it is, I guess I better take it.”)</div>
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<div dir="ltr">I can sympathize to a degree: their job is to crank through files and resolve them, not to make Lawyer Joshua McKarcher And His Client happy. But little do they know that if I’m
<u>nice</u> enough and <u>persuasive</u> enough and, of course, <u>reasonable</u> enough, that is precisely what they will do. (Hee hee. Don’t tell them.)</div>
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<div dir="ltr">So, honestly, if I know there is a LEGALLY PERMISSIBLE pathway to give them cover and give me what I want — even when it’s not standard operating procedure or even if they’ve never before done it — I have NEVER had an underwriter NOT relent. </div>
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<div dir="ltr">Rather, I have only had to back off when I realize I am wrong or am missing a link in the chain of “them covering their bases,” which I cannot
<u>reasonably</u> ask them <u>not</u> to cover. </div>
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<div dir="ltr">And remember, I have spoken to <u>none</u> of these underwriters. Their listener is always an intermediary like a loan officer or a title officer — who probably knows me, trusts me, or has incentive to (see above) "<span style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); display: inline !important;">make
Lawyer Joshua McKarcher And His Client happy," so long as it's not improper, illegal, etc.</span></div>
<div dir="ltr"><span style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); display: inline !important;"><br>
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<div dir="ltr"><span style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); display: inline !important;">So, I'm hoping that is both literal advice (RON is awesome when done correctly and smartly); and then just strategic advice in case my literal
advice is useless. (If both are useless, well, it cost you nothing.)</span></div>
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<div dir="ltr"><span style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); display: inline !important;">But: Fannie Mae! That is where this little puzzle starts, my friend. Have fun!</span></div>
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<div dir="ltr">Best, Josh </div>
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<div id="divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif" style="font-size:11pt" color="#000000"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com> on behalf of Kaitlyn Jackson <kaitlyn@dimensionlaw.com><br>
<b>Sent:</b> Thursday, December 29, 2022 1:50:23 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBAPT] Lender won't honor POA RE Fannie Mae</font>
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<div dir="ltr">Hi all -
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<div>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? </div>
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<div>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? </div>
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<div>Would love to hear your feedback. </div>
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<div>Kaitlyn<br clear="all">
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