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Who are considered ineligible agents when using a power of attorney?

Unless a person described below is a relative* of the borrower, none may serve as an agent except in accordance with a listed permitted exception.

Ineligible Agents Agent Permitted Exceptions
Affiliate of lender Transaction must meet the Additional Conditions below
Loan originator
Affiliate of the loan originator
Employee of the title insurance company
Affiliate of the title insurance company or its employee (including, but not limited to, the title agency closing the loan)
Lender (or employee of lender) None
Property seller, or any person related to the property seller, including a relative or affiliate
Any real estate agent with a financial interest in the transaction (or any person affiliated with such real estate agent)

*A borrower’s relative includes any person defined as a relative in this Guide, or a person who is an individual engaged to marry the borrower, or is in a legally recognized mutual relationship with the borrower (however denominated under applicable local law).

Additional Conditions

The following are the additional conditions that must be met to qualify for a permitted exception in the table above.

  • The POA expressly states an intention to secure a loan not to exceed a stated amount from a named lender on a specific property.

  • The POA expressly authorizes the agent to execute the required loan documents on behalf of the borrower.

  • In a recorded, interactive session conducted via the internet, and to the satisfaction of the agent, the borrower must

    • confirm their identity;
    • after reviewing the required loan documents, reaffirm their agreement to the terms and conditions of the note and security instrument evidencing the transaction; and
    • reaffirm their agreement to the execution of the loan documents by the agent.
  • At Fannie Mae’s request the lender must produce a recording and other documentary media memorializing the entirety of the interactive session. Such request may be at any time during the term of the related loan. The lender must comply within a commercially reasonable time following such request and without additional expense to Fannie Mae.

  • If the agent is an employee of the title insurer or is an employee of the policy-issuing agent of the title insurer, then unless unavailable under applicable law, such title insurer must issue a closing protection letter (or similar contractual protection) for the transaction for the policy-issuing agent.

For additional information, see B8-5-05, Requirements for Use of a Power of Attorney.

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