Having signed the LPOA, the customer is now free to review, approve and eSign all other loan documents within the electronic platform at his or her convenience.
The LPOA appoints the settlement agent to sign loan documents (for the subject transaction only) on behalf of the customer as the customer's attorney-in-fact (in the same form that the customer has approved these documents online); it does not permit the settlement agent to, for example, make unauthorized conveyances or otherwise affect the customer's ownership of the property.
Portfolio lenders would not need any outside approvals to implement an LPOA workflow (see Figure 1, "Workflow Features" heading).
A creative variation on the LPOA workflow involves document presentment via a live Web-based closing event using a Web conferencing application (e.
Borrower executes an LPOA (which requires the presence of a notary public) and returns it to the settlement agent.
In the LPOA workflow, the customer must appear before a notary public and present the traditional, paper-based documentation before the LPOA is wet-signed and notarized.