Document Update: MT Acknowledgment that Real Property is Not Exempt From Execution (Cx1412)
Jun 28, 2021
Freddie Mac has updated their power of attorney (POA) requirements to limit the pre-close borrower discussions to only cash-out refinances. To accomplish this change, we are changing the configuration of our FHLMC copy of Cx23852 (Explanation of Loan Terms [POA]) to only print for cash-out refinance loans.
In addition, FHLMC also specified some terms of the mortgage that are required to be discussed during these pre-closing borrower discussions, which we will be including on Cx23852. These inclusions expand the second bullet point to read:
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- Also before the closing of my/our loan, an employee of the Lender or the settlement agent explained the terms of the loan to me/us, which terms include a review of the rate, term, and principal balance of the mortgage, the address of the mortgaged premises, the fact that the attorney-in-fact uses the Borrower’s POA to sign documents on behalf of the Borrower, and the scheduled or estimated closing date;
These configuration and text changes will be in effect immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 347624
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.