Requirements for Use of Power of Attorney

Overview

A power of attorney (POA) is a legal document giving one person (described below as the “agent”) the power to legally bind another person. Loans with documentation executed by an agent on behalf of the borrower under a POA are eligible for a Homium mortgage if all requirements referenced in these Underwriting Guidelines are met.

When title to mortgaged property is held by a trustee under an inter vivos revocable trust, loan documentation may not be executed using a POA granted by such trustee unless,

• the related trust instrument expressly authorizes the trustee to use a POA to delegate powers to an agent, or

the agent under the POA is the borrower creating such inter vivos revocable trust.