This Bulletin replaces Bulletin 12-06 issued August 31, 2012 in its entirety.
HomeBridge allows the use of a Power of Attorney (POA) on an exception basis to borrowers with extenuating circumstances, active military personnel or individuals with a documented medical condition that prevents them from attending the closing or performing borrower requirements subject to the following:
• A POA is eligible on purchase and rate/term transactions only; a POA is ineligible on cash-out.
• A POA is allowed for closing only; it cannot be used for the execution of the initial application and disclosures.
• If there are two or more borrowers on the loan, at least one borrower must be present for the closing and sign for the absent borrower (as their attorney-in-fact).
• A fully executed and notarized POA, that is specific to the transaction, is required and must include all of the following:
• Borrower name,
• Property address, and
• Loan amount.
• The POA is subject to HomeBridge review prior to loan closing.
• The POA must be recorded along with the mortgage.
The above policy applies to all HomeBridge programs.
If you have any questions, please contact your Account Executive.