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A4-1-04, Submission of Irrevocable Limited Powers of Attorney (05/04/2022)

This topic contains information on irrevocable limited powers of attorney, including:

Submitting Irrevocable Limited Power of Attorney (Form 520) to Fannie Mae

Seller/servicers must complete and deliver five executed original Form 520 to Fannie Mae at the address indicated on the instructions to the form.  See below for an exception to this requirement.

All signatures on the  Form 520 must be provided using traditional in-person ink-signed methods. Irrespective of the law of the place of execution, the notary may not use the remote in-person method of signatory authentication and signature witnessing or eNotarization, including remote online notarization, to satisfy the notarization of the Form 520.

The Form 520 does not modify the duties and obligations of the parties under the Lender Contract. The Form 520 is a free-standing remedial instrument intended to preserve and protect Fannie Mae's interest in loans serviced by the seller/servicer. In the event of exigent circumstances, Fannie Mae will use the power of attorney at its sole discretion (for example, when for whatever reason a seller/servicer is unable or unwilling to execute requested assignments of mortgages on a timely basis).

In lieu of the Form 520, a seller/servicer that is a housing finance agency, as defined in 24 C.F.R. §266.5, may submit a letter confirming that it meets such definition.  After Fannie Mae has reviewed and verified compliance with the definition, the seller/servicer will be exempt from this requirement. 

Change in Seller/Servicer Legal Name

If there are changes in a seller/servicer's legal name that requires approval or notice as required in A4-1-03, Report of Changes in the Seller/Servicer’s OrganizationA4-1-03, Report of Changes in the Seller/Servicer’s Organization, the seller/servicer shall prepare five new Form 520 in the new name of the seller or servicer and deliver them to Fannie Mae in accordance with the instructions within thirty (30) days of the effective date of such legal name change. 

Recent Related Announcements

The table below provides references to recently issued Announcements that are related to this topic.

Announcement Issue Date
Announcement SEL-2022-04 May 04, 2022