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#1367819 - 04/01/10 03:01 PM Power of attorney-changed circumstance?
laf0915 Offline
100 Club
Joined: May 2006
Posts: 234
I had a customer who just informed me that they would be out of state for closing on a purchase transaction and will be using a power of attorney. There will be a cost to prepare and record this document. Do I need to do a new good faith estimate with these charges? Or is this considered voluntary by customer and just listed on the settlement statement?

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#1368185 - 04/01/10 08:36 PM Re: Power of attorney-changed circumstance? laf0915
TattChica Offline
100 Club
Joined: Oct 2007
Posts: 151
Va Beach, VA
I would redisclose because that POA recordation fee is going to affect your total "recording costs" which does have a tolerance OF 10%. In cases where we DIDNT redisclose our co. had to pay for it with the cure on the front of hud. FAQ # 2 Pg 16 under "Changed Circumstance" refers to additional docs needing to be recorded at closing.
"I used to have a handle on life, but it broke!"

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#1368190 - 04/01/10 08:39 PM Re: Power of attorney-changed circumstance? TattChica
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,954
Bloomington, IN
Page 18 specifically addresses POAs.
The opinions expressed are mine and they are not to be taken as legal advice.

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