U.S. Bank and Minnesota Housing allow the use of a power of attorney (POA) for industry-standard documents only under one of the following circumstances:
- Initial documents if borrower/co-borrower(s) signs final documents, OR
- Final documents if borrower/co-borrower(s) signs initial documents.
A POA cannot be used to sign both initial and final documents.
Lenders are responsible for ensuring the validity of the POA and providing evidence in the loan file. A valid POA must meet the following requirements:
- Specific to subject real estate transaction.
- Not expired at time of POA execution.
- POA must sign his or her own name, and not the name of the borrower/co-borrower(s).
Closing documents should be signed at closing or as close to closing as possible.
For Start Up or MCC loans, lenders must request a waiver from Minnesota Housing staff to use a POA for the Borrower Affidavit. Contact the Partner Solutions Team to request a waiver. Other Minnesota Housing documents do not require a waiver to use a POA.