For bank’s collateral perfection use only. NOT to be used to apply for or sign loan documents.
A Power of Attorney (POA) is:
- A legal document executed by one person, the Principal (Grantor)
- Authorizing another person, the Attorney (Agent)
- To act on his/her behalf
And
Provides the bank with the ability to:
- Make corrections to liens
- Make corrections to documentation concerning the title
- Transfer title to the bank so collateral can be sold
Included with the loan package provided by Loan Doc Prep.
When the title must be transferred to a new name, the required Power of Attorney for the Seller ONLY is required:
We MUST have the original POA signed with a pen (wet signed). If the loan package was sent to you via IMM Esign, PRINT the POA and have the client sign.
- Esign-Web: Loans requiring POA cannot be delivered via Esign-Web.
- The ORIGINAL SIGNED POA must be sent to Loan Servicing in the designated bag. You may upload a signed copy to Synergy (Consumer Purpose) or Abrigo (Business Purpose)