Friday, March 18, 2011

just another day processing REO transactions....

notes for file

The lender's attorney agreed that the 2nd POA she submitted does not cover our transaction.  Our underlying mortgage is NOT part of that servicing agreement.

She wants to make an argument that the first POA she submitted can be used even though it does not specify power to sign a deed.  I disagree but said she can put her argument in writing and I will submit it to our underwriting attorney for a decision.

She expressed frustration that we were requiring an original or court certified POA because they will take time to get.  I think she is in some kind of meltdown because these are normal procedures and she's being illogical.  She may just be having a bad day.

If the buyer asks about delays, just let them know we are taking steps to make certain their title is good and marketable.

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