A borrower's adult child with power of attorney requests loan modification documents. The power of attorney document is six months old but appears valid. What should the MLO verify before releasing information?
Correct Answer
B) That the power of attorney is still valid and covers financial matters
The MLO must verify both the current validity of the power of attorney and that it specifically grants authority over financial/mortgage matters. Powers of attorney can be revoked or may have limited scope, so both aspects must be confirmed before disclosing borrower information.
Why This Is the Correct Answer
The MLO must verify both the current validity of the power of attorney and that it specifically grants authority over financial/mortgage matters. Powers of attorney can be revoked or may have limited scope, so both aspects must be confirmed before disclosing borrower information.
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A mortgage company wants to send promotional text messages about refinancing to existing customers. Under TCPA rules, what type of consent is required for these text messages?