Someone Can Sign For You.
A power of attorney is acceptable on many transactions, provided it is specific to the transaction and meets state and agency rules.
Deployed, abroad, or unable to attend
A power of attorney is acceptable, within defined boundaries.
- The use of a power of attorney is acceptable on many transactions.
- The document must be specific to the transaction rather than a general authority.
- It must meet all applicable agency and state requirements.
- It is acceptable on transactions with an individual borrower.
- It is prohibited where both borrowers are relying on a power of attorney to close.
- It is prohibited on a cash-out refinance transaction.
Acceptable on many transactions
Must be transaction specific
Agency and state rules apply
Individual borrower transactions
Not for both borrowers at once
Not on cash-out refinances
How does Saxton handle a power of attorney at closing?
Signing through an authorized representative when you cannot be there.
Life does not always line up with a closing date. Service members deploy, people work abroad, and medical situations come up without warning. A power of attorney lets someone you authorize sign the closing documents on your behalf. It is a normal part of lending and it is acceptable on many transactions.
What it is not is a blanket authority you can produce on the day. The power of attorney has to be specific to the transaction, and it must meet all applicable agency requirements as well as the requirements of the state where the property sits. Those two things vary, which is why the document needs to be prepared and reviewed well before closing rather than presented at the table.
There are two firm limits worth knowing at the outset. A power of attorney cannot be used where both borrowers on the transaction are relying on one to close. At least one borrower needs to sign directly. And it is prohibited on a cash-out refinance. If cash out is your goal and you cannot attend, that changes the plan rather than the paperwork.
Why raise a power of attorney with Saxton early?
For borrowers who will not be able to attend their own closing.
Transaction Specific
A general power of attorney is usually not enough. It has to be drawn for this transaction, which takes time to prepare properly.
State Rules Differ
Requirements vary by state. What worked for a friend in another state may not work for your property.
Both Borrowers Cannot Use One
At least one borrower has to sign directly. If both of you will be away, we need to solve that a different way.
Not On Cash-Out
A power of attorney is prohibited on cash-out refinances. If that is your transaction, we should discuss the timing instead.
Prepared Ahead, Not At The Table
Documents are not reviewed on the day of closing. Getting yours drawn and checked in advance is what makes this work.
Individual Borrower Transactions
A power of attorney is acceptable on transactions with an individual borrower, which shapes how a joint file has to be handled.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about signing through a power of attorney.
Yes, on many transactions. The use of a power of attorney is acceptable provided the document is specific to the transaction and meets agency and state requirements.
Usually not. The power of attorney needs to be specific to the transaction, which generally means having one drawn for this purpose.
No. A power of attorney is prohibited where both borrowers are relying on one for the transaction. At least one borrower needs to sign directly.
No. A power of attorney is prohibited on cash-out refinance transactions.
Tell us as early as you can. Powers of attorney are common in military transactions, and the document takes time to prepare and review before closing.
Yes. The document has to meet the requirements of the state where the property is located as well as agency rules, and these are not uniform.
Well before closing. It is reviewed as part of the file rather than accepted at the closing table, so late documents delay the closing.
Find out what you qualify for
If you will not be able to attend your closing, tell us now rather than later. The document takes time to prepare correctly.
Get Pre-Qualified*Use of a power of attorney is subject to program, investor, agency and state requirements and must be specific to the transaction. A power of attorney is not permitted where all borrowers rely on one for consummation, and is not permitted on cash-out refinance transactions. Documents are subject to review prior to closing. This is not legal advice. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.