A settlement has been reached with a reverse mortgage lender that allowed someone to sign loan documents even though he didn’t have the authority to do so.
MetLife Home Loans LLC previously underwrote and closed a home-equity conversion mortgage. The son of the borrower used a power of attorney to sign the loan.
But the Irving, Texas-based company, which shut down in 2012, failed to ensure that the signatories to the loan had the legal authority to execute it.
Source: Mortgage Daily
