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September 2, 2018

Bank of America Power of Attorney Form

Please be informed that banking power of attorneys are complicated and have issues. For an accurate opinion or accurate guidance, you need to consult Bank of America as well as an Attorney.

Attorneys typically can draft up fancy Power of Attorney documents, often at great expense. Their guidance is irreplaceable. However, banks typically have their own Power of Attorney forms and require the use of their forms.

Additionally it is possible that Bank of America might have its own rules for who can be an agent in a Power of Attorney, and also might restrict the rights and privileges of the person who is the Attorney in Fact. I read online that you cannot use online banking if you are an Attorney in Fact for a Bank of America Power of Attorney Form. However, I cannot vouch for the truthfulness of that statement as it might be outdated or false.

Banks will want to see the Power of Attorney and identification before allowing the Attorney in Fact (grantee or agent) the right to access an individual’s account.

How do I get a Bank of America Power of Attorney Form?
Once again, please contact Bank of America customer service.

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Other Links:

Legal Zoom Banking Power of Attorney Information
https://info.legalzoom.com/gain-access-bank-accounts-power-attorney-25538.html

Finding out your Power of Attorney is powerless NY Times
https://www.nytimes.com/2016/05/10/health/finding-out-your-power-of-attorney-is-powerless.html

How do you get a Power of Attorney document?
http://blog.123notary.com/?p=20785

Power of Attorney (string of blog entries)
http://blog.123notary.com/?tag=power-of-attorney

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June 22, 2018

How do you get a Power of Attorney Document?

I run a Notary directory, and people who hire Notaries often have Power of Attorney documents of various descriptions. It is important to understand that not all Power of Attorney documents were created equal and there are legal standards as well as preferences of the document custodians that need to be taken into consideration.

Legal Considerations
Legally, you probably need to consult an Attorney to figure out what rights to grant to another person (grantee) and under what circumstances and what legal language to grant such powers. I cannot assist with this because I am not an Attorney, and even if I were, I would probably not be practicing in your state.

Document Custodian Considerations
Document custodians are another party that you have to please with Powers of Attorney. A document custodian is the party that accepts your document. For example, if you get a POA for a particular bank, they will want a Banking Power of Attorney done their way which often means using their forms and not some form you got at a stationary store that looks equally good to you. The custodian has the right to choose what type of form they want in many instances.

Recording Documents
I am not an Attorney and do not know if/when/how/why Power of Attorney forms are recorded at your county’s county recorder. But, find out if you need to record it in their files ahead of time. There is normally a fee for this and it involves a visit to a government office, standing in line, not knowing what room to go to, etc.

Types of Powers of Attorney.
There are Medical Powers of Attorney, Durable Powers of Attorney where you can switch powers on an off sometimes, Banking Power of Attorney documents, and Limited Powers of Attorney as well. Living Wills are yet another specialized type of Medical Power of Attorney that deal specifically with what happens if the Grantor becomes incapacitated or is unable to make their own decisions while bedridden, etc.

Drafting of Documents
Normally, it is a good idea to consult with an Attorney before creating a Power of Attorney. Since it is a legal document, you cannot have any old person draft it for you. It should be an Attorney, or someone legally authorized to draft documents which rules out most Notary Public practitioners. Banks normally use their own forms, so ask the bank what form they require. Additionally, there are legal support firms who employ Legal Assistants, Paralegals, and a few who outsource low paying legal work to New Delhi where they do a very good job at a third of the cost. You can ask these types of agencies what they recommend and who is authorized to draft your document. Your best bet however, is an Attorney if you can afford it. Even if the Attorney doesn’t draft the document him/herself, at least he/she is supervising and taking responsibility for it which makes it potentially a lot safer for you to get a quality output.

Notarizing Documents
Any commissioned Notary Public can notarize your document in their state of commission. Please do not expect or ask the Notary to explain or understand any legal document. Non-Attorney Notaries may not give specific interpretations or explanations of documents other than general statements (in certain states) about what the document is generally about with no specifics mentioned. The Notary’s job is simply to check your ID, make sure you signed the document, the journal (required in most states, recommended by us in any state as that is your only written evidence of the notarial transaction), and fill out certificate forms that correspond to your document.

Legal Technical Terms
If you are creating a Power of Attorney, there is a lot of legalese which an Attorney can help you understand. The main terms are:

Grantor — the person giving power to another
Grantee — the person receiving special powers from the document
Agent — another name for the person who receives power and can complete tasks for the Grantor.
Principal — the main person signing the document who is the Grantor by definition.
Attorney in Fact — the most commonly used term for the agent / person receiving power of attorney.
Capacity — If you have special powers or a special position in a company, that can be described as a capacity. Being an Attorney in Fact or AIF is considered a capacity that can be indicated on certain Notary forms.

Signing in your capacity as Attorney in Fact.
There are eight ways that I have seen to sign as an Attorney in Fact. Please be advised that the particular verbiage is very particular and can be decided by an Attorney or document custodian. If they want it one way, and you sign with even one comma out of place, the entire document might be rejected and need to be resigned. Here are some common ways to sign, but ask your contact person before you sign anything, as the verbiage does matter.

John Smith, as Attorney in Fact for Sally Smith
Sally Smith, by John Smith, her Attorney in Fact
John Smith, POA for Sally Smith
John Smith, AIF for Sally Smith

Summary
In some of these variations, the signer signs the name of the other person (which I am not comfortable with) and then describes their capacity. In other variations, you sign your own name, and then indicate your capacity after a comma after your name. As always, I cannot and will not give legal advice, so, ask an Attorney before you have a Power of Attorney drafted, and before you sign the document and before you sign in your capacity as Attorney in Fact.

If you need a Mobile Notary Public, visit the advanced search page of 123notary.com and lookup by zip, city or county and find about 7000 Notaries Public nationwide, many of whom are very knowledgeable and experienced.

Good luck!

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You might also like:

Index of posts about Power of Attorney
http://blog.123notary.com/?p=20255

Power of Attorney of the Future
http://blog.123notary.com/?p=18948

Logic errors can cost you as a notary
http://blog.123notary.com/?p=20110

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June 3, 2018

Index of information about documents

Filed under: (4) Documents — admin @ 2:12 am

Here is an index of posts about commonly notarized documents as well as documents that might show up in a loan signing that are of interest to Notaries.

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POPULAR DOCUMENTS

TRID Information
http://blog.123notary.com/?p=18932

Good Deed Bad Deed — Deeds explained
http://blog.123notary.com/?p=16285

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ALPHABETICAL ORDER

4506 — Request for Copy of Tax Return
http://blog.123notary.com/?p=16472

Affidavit of Citizenship
http://blog.123notary.com/?p=18847

Affidavit of Occupancy
http://blog.123notary.com/?p=10193

Affidavit of Support
http://blog.123notary.com/?p=17528

Affidavit of Support and direct communication with the signer
http://blog.123notary.com/?p=7084

Closing Disclosure
http://blog.123notary.com/?p=17116

Compliance Agreement
http://blog.123notary.com/?p=15828

Good Faith Estimate
http://blog.123notary.com/?p=18845

HUD-1 Settlement Statement
http://blog.123notary.com/?p=10197

Living will versus Medical Power of Attorney
http://blog.123notary.com/?p=18966

The Mortgage & The Note
http://blog.123notary.com/?p=13203

Power of Attorney — see our index page
http://blog.123notary.com/?p=20255

Power of Attorney — see our string results
http://blog.123notary.com/?tag=power-of-attorney

Quit Claim Deed
http://blog.123notary.com/?p=18905

Signature Affidavit & AKA Statement
http://blog.123notary.com/?p=16298

The Signature Affidavit
http://blog.123notary.com/?p=13190

Subordination Agreement
http://blog.123notary.com/?p=17526

Right to Cancel
http://blog.123notary.com/?p=19102

The Right to Cancel gone wrong
http://blog.123notary.com/?p=10001

TRID Information
http://blog.123notary.com/?p=18932

Universal Loan Application — The 1003
http://blog.123notary.com/?p=18843

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May 6, 2018

Index of Posts about Power of Attorney

Filed under: Power of Attorney — Tags: , — admin @ 2:08 am

Power of Attorney – types often created
http://blog.123notary.com/?p=6732

How do I get a notarized Power of Attorney?

How do I get a notarized Power of Attorney?

Notary processing mistakes on Powers of Attorney
http://blog.123notary.com/?p=18958

The Power of Attorney was rejected by a bank
http://blog.123notary.com/?p=6368

POA – Proceed on Alert
http://blog.123notary.com/?p=14661

Notarized Power of Attorney
http://blog.123notary.com/?p=9862

Who are the parties involved in a Power of Attorney?
http://blog.123notary.com/?p=6738

Power of Attorney and verifying capacity.
http://blog.123notary.com/?p=2632

The switching durable power of Attorney
http://blog.123notary.com/?p=19294

Submitted as a double credit document
http://blog.123notary.com/?p=18960

I love Lucy, the Power of Attorney
http://blog.123notary.com/?p=10382

Where can I find someone to draft a Power of Attorney?
http://blog.123notary.com/?p=6766

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March 23, 2017

The 3 day right to rescind

Filed under: (4) Documents,Loan Signing 101 — admin @ 8:00 am

This article intends to clarify dating on the Notice of Right to Cancel or RTC.

A borrower went to confession

TOM: “Forgive me father for I have rescinded.”

PADRE: “Did you rescind in the 3 day period?”

TOM: “Yes, father.”

PADRE: “Then, it is okay in the eyes of the lord. 3 hail Mary’s.”

TOM: “It was in two days, so can you reduce my sentence to 2 hail Mary’s?”

When you get a non-commercial and non-investment personal refinance, traditionally you get three days to resind or cancel your loan. Counties these three days is a skill that Notaries need, but don’t always have. In the old days, and with certain lenders, the Notary is reponsible to write in the TRANSACTION DATE in a blank in the RTC.

The transaction date is the date when a notarization is done or when a loan is signed. Technically with Acknowledged signatures, the signature can be made previous to the Notarization. It might be five minutes previously or twenty years previous to the notarization. During loan signings, the documents are normally signed at the time of the loan signing and promptly notarized.

The signature date is normally the same as the transaction date, but not necessarily and is the date the person signed the document. Once again, in an Acknowledgment, that could come before the notarization if the borrower wishes to sign ahead of time, but at a loan signing is normally on the date of the loan signing.

The notarization date is the date when a document is notarized.

The recission date or deadline or last day to rescind is three days after the date of the signing not including Sundays or Federal hollidays or other days that the Lender allows.

Please note that business days only include Monday to Friday while days to rescind include Monday to Saturday not including Federal Holidays of which there are ten.

Let’s do some practice runs.

(1.) A loan is signed New Year’s eve on Friday the 31st. What is the last day to cancel your Refinance?
Sat would be New Year’s Day a Federal holiday. Sunday would be a Sunday and not counted. So, you would have… Mon, Tues, Wednesday would be the last day.

(2.) A loan is signed on Monday in April when there are no Federal holidays. The last day to cancel is… Tues, Weds, Thursday would be the last day.

(3.) A loan is signed on Sunday in April. The last day to cancel is… Mon, Tues, Wednesday would be the last day to cancel.

(4.) A loan is signed on Thursday in April. The last day to cancel is… Fri, Sat, skip Sunday and Monday would be the last day to cancel.

(5.) A loan is signed Wednesday before Thanksgiving. The last day to cancel would be… Fri, Sat, skip sunday and then Monday would be the last day to cancel UNLESS the Lender allows Friday as an arbitrary holiday (they can be generous if they like) in which case it would be… Sat, Mon, and Tuesday would be the last day to cancel. Whether Black Friday is considered a holiday or not is up to the Lender and they are 50/50 on this one. But, if they don’t specify, then it is considered a regular business day with exceptionally long lines!

Now boys and girls, we understand the RTC or Notice of Right to Cancel. We hope you are also aware of when the ten Federal holidays come. It is not a bad idea to have a Rescission Calendar. I heard that the NNA might have them, so get one that fits in your wallet.

What’s in YOUR wallet?

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February 14, 2017

TRID Information courtesy of Carmen

Filed under: (4) Documents,Popular Overall — Tags: — admin @ 12:48 am

So what is TRID?
It is ‘TILA/RESPA Integrated Disclosure’ rule, also known as TRID. Since this rule is designed to help borrowers understand the terms of their home financing transaction, there is a trend to start referring to this rule as the Know Before You Owe rule instead of TRID. The Know Before You Owe rule took effect October 3, 2015. Follow link below to see and print out forms,

http://www.consumerfinance.gov/know-before-you-owe/

What it means for the borrowers?

When the borrower starts first shopping various lenders for a loan they receive a ‘loan estimate’ (they can receive many of these to compare lenders). Once they make a decision and choose the lender they then they will receive a ‘closing disclousure’ 3 days in advance for review. It all the terms are agreeable and no changes need to be made, after the 3rd day docs can be drawn.

A new Closing disclosure has taken the place of the TIL (Truth and Lending) and The HUD (Settlement statement). This new disclosure has everything regarding the borrowers loan. Please refer to attached sample. The borrower is supposed to receive the Closing Disclourse (or Cd as we have named it) within 3 days of the docs being drawn. This is mandatory. There is now no surprises at the signing table. Keep in mind some title and escrow companies still use a HUD-1 in conjunction with the new CD. I have noticed this with purchases.

What this means for the notary signing agent? For us this means less delays in getting the documents and less questions at the table. The borrower is now already aware of the numbers and terms. The signings go much faster.

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You might also like:

Ken’s tips for the closing disclosure
http://blog.123notary.com/?p=17116

The closing disclosure itemized
http://blog.123notary.com/?p=16217

Index of information about documents
http://blog.123notary.com/?p=20258

The 30 point course – a free loan signing course
http://blog.123notary.com/?p=14233

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January 24, 2017

Quit Claim Deed

A Quitclaim Deed is a legal instrument used to transfer interest (ownership) in real property. The Grantor is the entity who is transferring its interest to the Grantee who is the recipient. The owner or Grantor quits or terminates any right or claim to the property by signing this form.

No Title Covenant
The Quitcliam Deed includes no title covenant and offers no warranty as to the status of the property’s title. The Grantee is entitled only to whatever interest the Grantor has in the property — if any. As a result, the Grantee has no legal recourse should the Grantor not be the legitimate owner on title, or if their share of the property is less than expected.

Warranty Deeds
Warrantee Deeds on the other hand often contain warranties from the Grantor that the title is clear and that there is no encumbrance against the title.

Common Uses
Quitclaim Deeds are most commonly used to transfer property from one family member to another or to take one family member’s name off title for the sake of a notarized loan signing. Quitclaim Deeds are not usually used to to transfer property from a buyer to a seller as Grant Deeds are a much more common form of official property transfer instrument.

How do I notarize a Quitclaim Deed? How do I get a Quitclaim Deed Notarized?
If you need a notarized Quitclaim Deed, find a Notary on 123notary.com. Any commissioned notary public can notarize this document in less than three minutes assuming you have current ID and a complete document.

You might also like:

Index of information about documents

Index of information about documents

See our string on all different types of documents (completely up to date)
http://blog.123notary.com/?cat=2074

TRID information courtesy of Carmen
http://blog.123notary.com/?p=18932

Good Deed Bad Deed — Ken’s guide to every type of Deed
http://blog.123notary.com/?p=16285

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December 22, 2016

How do I get a notarized Power of Attorney?

How do I get a notarized Power of Attorney?

It is common to need a Notarized Power of Attorney. The issue is that many people don’t know where to go for help. You need to either find a Power of Attorney form, or have a customized one drafted by a law firm. But, be careful. If you have the wrong Power of Attorney form, it might not be acceptable to whomever the custodian of the document is, or to the courts. I am not an Attorney and can’t advise you, but I suggest you first talk to the agency you are submitting the Power of Attorney to and see what their requirements are. After that, talk to an Attorney.

Step 1. Check with the Document Custodian

Many banks want customers to use their own Power of Attorney for Banking document to be used. This Banking Power of Attorney is sometimes not on an 8.5 x 11 piece of paper. I have seen them printed on card stock in such a way where there is not enough room for a Notary seal. Banks often insist that the Notary seal is on the actual document and won’t accept Attorney written documents. So, talk to the entity you are submitting the Power of Attorney for before doing anything else.

Step 2. Draft your Power of Attorney

If necessary, get your Power of Attorney drafted by an Attorney or someone who your Attorney recommends.
If you use a standardized form from an office supply store, make sure you get it all filled out before calling the notary.
You will need to have an Attorney in Fact (Agent or Grantee,) a Grantor, and you need to specify what powers you are granting, and for how long, and under what conditions. It’s complicated and critical, which is why you need an Attorney at $200-$400 per hour!

Step 3. Find a Notary on 123notary.com!
Any notary can notarize a Power of Attorney. They can also notarize a Durable Power of Attorney, or notarize a Health Care Power of Attorney. Certain states even allow the Notary to make certified copies of a Power of Attorney. 123notary offers a wide selection of mobile notaries who can come to your home, office, hospital room, or jail cell and get your Power of Attorney notarized. Make sure you have current photo-ID issued by government agency.

Step 4. Submit your Notarized Power of Attorney
Once your POA is notarized, you might need to submit it to a particular party, or have it registered at some government office. Ask your Attorney what to do. Keep in mind that banks often have their own forms for Banking Power of Attorney which are often very simplified forms on card stock which would be significantly below the standards of an Attorney. But, if it is for their bank, they have the right to request any type of form they like. Just make sure your Attorney doesn’t object too terribly much. It’s complicated! Be prudent and consult the right people and Attorney before making your decision what to do.

Types of Powers of Attorney

Health care Power of Attorney documents which are often called health directives, medical power of attorney forms or living wills. These are normally very long documents written by an Attorney who specializes in these matters. These types of documents often specify what to do if the Grantor becomes mentally incapacitated, or have to be put on life support.

Limited Power of Attorney documents which grant authority to the grantee to perform certain actions on behalf of the Grantor.

Durable Power of Attorney documents which could stay valid even after the Grantor becomes mentally incompetent (ask an Attorney for details.)

General Power of Attorney — gives broad authorizations to the agent

Special Power of Attorney — gives specific and special powers and authorizations to the agent

Final Note
Don’t ask legal questions to Notaries or other non-Attorneys. First of all, Notaries are not trained to answer legal questions. Secondly, they are not allowed by law to answer legal questions. Get your legal questions out of the way with your Attorney before you make your initial call to the notary. Nothing is worse than keeping a notary on hold while you resolve issues that a responsible person would have resolved long before they called in a notary! Also, Notaries are not normally authorized to draft legal documents, so find someone who is legally authorized to draft legal documents which is normally someone who works as an Attorney or perhaps in the legal field.

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You might also like:

Index of posts about Power of Attorney
http://blog.123notary.com/?p=20255

Logic errors can cost you as a notary
http://blog.123notary.com/?p=20110

Index of information about documents
http://blog.123notary.com/?p=20258

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December 20, 2016

The Universal Residential Loan Application — AKA, the 1003

The Universal Residential Loan Application is a common loan document. Also known as the 1003, this document is very disturbing to the borrowers as it contains routine errors in its personal information about the borrower. This document goes over where the borrower is from, their age, where they went to school, what their income is, and social security number. It is very common for the clerks who create this document to make a plethora of mistakes.

There is often a blank page on the 1003 that says, this page intentionally left blank. That bothers borrowers as well. Some like to put a diagonal line through that page.

Backdating. Sometimes the 1003 is backdated or the lender will leave instructions not to date it at all. Why? Because the borrower, most likely, has submitted a more user-friendly form to the borrower, of which contains the same information that the 1003 does. At a closing you are often pretending that you are signing the 1003 when the borrower filled out an earlier version of the application several weeks prior to the signing. As a Notary, just don’t backdate Notary documents. But don’t worry, this one is not a Notary document, and you aren’t backdating, the borrower is.

Signing and initialing. There are different formats for the 1003. Many of the pages have one-centimeter initial lines in the bottom right corner. Keep your eyes peeled, as the different formats of this document have different arrangements. On some variations of this document, one of the pages is blank for the most part. Sometimes, you will need to have the borrower initial and sign the same page (which seems strange). Sometimes the initial lines aren’t easy to see. Sometimes you initial on top. Just make sure to check the document through and through. If you are not sure if a particular document needs an initial, it is generally a good idea to have the borrowers initial it. When in doubt, initial.

The good news is that the information in the Universal Residential Loan Application is not binding. Just make sure that the information in your Closing Disclosure or HUD is correct because that is final and binding information.

To learn more about loan documents, you can visit our free online 30 point course which goes over all of the major loan documents in a loan signing.

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You might also like:

Index of information about documents
http://blog.123notary.com/?p=20258

The 30 point course – a free loan signing course
http://blog.123notary.com/?p=14233

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December 13, 2016

The Good Faith Estimate

Filed under: (4) Documents — Tags: — admin @ 9:49 am

The Good Faith Estimate may or may not be used anymore in loan signings as the new Closing Disclosure has an accompanying document called the Closing Estimate as of 2015. However, it is possible that some Lenders still use a Good Faith Estimate as different Lenders use different forms and variations on forms.

The Good Faith Estimate documents an estimate of what the various closing costs will be. The final numbers show up on the Closing Disclosure or HUD Settlement Statement. It is important for borrowers to understand which document is final and which one is merely a non-binding estimate.

The good faith estimate must be provided within three days of applying for a loan. Costing costs could include inspections, title insurance, taxes, appraisals, notary fees, title charges, reserves, and other fees.

How do I get a Good Faith Estimate Notarized?
If you need to notarize a Good Faith Estimate, just find a Notary on 123notary.com. However, The Good Faith Estimate is not normaly a notarized document, so save your money for getting your Deed of Trust notarized as that is always notarized in my experience!

Who drafts the Good Faith Estimate
It is normally the Lender who drafts or hires an entity to draft a Good Faith Estimate for him/her.

You might also like:

The APR
http://blog.123notary.com/?p=14483

The 30 point course synopsis
http://blog.123notary.com/?p=14233

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