New Data Integrity Checks: FNMA POA on Cash-Out Refinances
Fannie Mae Selling Guide B8-5-06 prohibits the use of a power of attorney to sign the security instrument or note on cash-out refinances and Texas Section 50(a)(6) mortgages.
Two warnings have been added to ConformX Closing packages when “Investor Institution ID” (field 18308) is FNMA and “Power of Attorney (POA) on Loan” (field 58513) is Yes:
- If “Is this a Texas Home Equity Section 50(a)(6) loan?” is Yes,
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