We are located in Pennsylvania. The Power of Attorney laws changed January 1, 2015, and now require our loan documents to be notarized when a confession of judgment clause is present. Many of our loan officers are notaries. Do you see a conflict if a loan officer who approved the loan also acts as the notary when documents are signed? Loan officers do not receive commissions.
When it is necessary or desirable to perfect security interests in aircraft, engines, propellers or spare parts in the United States a lender must consider a multitude of issues. For many lenders and their counsel the process of recording instruments with the Federal Aviation Administration (the "FAA") and registering aircraft in the United States needlessly remains a mystery. The following is an explanation of the most critical issues a lender must address to ensure that documents submitted to the FAA will be accepted for recording.
The only account holder and owner of a primary residence has authorized her son to sign on the account. There is note from our borrower, but no formal document. Is this a violation and are there any restrictions because is a primary residence?
When we have an existing client that is adding a power of attorney or trustee to an account, we pull a credit report on the individual. Our accounts have checkwriting, Visa card and margin loan access. If the individual does not meet the credit standards, can we tell the client this individual is being denied account access due to credit, or would this be disclosing information to a third party? The other problem is telling a client that the person they selected for trustee or POA cannot hold this position on their account. Many times this is a spouse or family member. How can we handle this situation?
Ever since its implementation, the efforts to develop and implement a Customer Identification Program have been fraught with questions.
Is there any requirement to return paid notes and canceled mortgages or other such documents to the borrower when the loan is paid off? Our management is trying to save time and postage.
Our customer now lives in nursing home and owes the nursing home for care. Our bank is making the customer a loan with her former home as collateral until the home can be sold to perspective buyer. The customer has granted a power of attorney to a third party. Is the Right of Rescission applicable since the customer no longer lives in the home?
We are updating our Safe Deposit policy to reflect the USA PATRIOT Act. I would like to know what you think the procedures for a deputy should be as far as verification of the identification. Should we treat a deputy the same way we would handle adding a signature to an account?
In making a loan to someone who cannot read nor write, should I have someone sign as P.O.A., or just have him/her place an 'X' for their signature?