Mortgage Tax Deduction

The Obama administration's deficit commitee is currently reviewing the home mortgage interest deduction (MID). With the federal deficit of $13 trillion officials are trying to find ways to curb this growing debt.

This deduction has been a strong incentive for home ownership since 1913. Americans have been able to deduct the interest paid on mortgages for there primary residences, second homes and home equity lines of credit for over 100 years. Any changes to the MID could be devastating to home prices and the value of homes. This could seriously harm the current economic recovery.

There has not been a decision made on this topic yet. I will keep you informed on this issue.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.ScanlonSigningServices.com

New HUD Settlement Stmnt for FHA Reverse Mortgages

The Dept. of Housing and Urban Development recently introduced a revised HUD-1 settlement Stmnt for FHA Reverse Mortgages. According to HUD the wording has been changed to include new statutory authority to penelize for false certifications or fraudulant activities and new language for sellers of a HECM for purchase transactions.

On the day of closing the HECM mortgagor must certify the source of cash used for the investment or that the closing costs were not paid by the seller or any other person that will financially benefit from this transaction. Also the seller must certify the HECM mortgagor will not be reimbursed for the closing costs before, during or after the closing.

This new rule applies to HECM cases applied on or after 12-1-10.

For more information on these new rules click on link below
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-39ml.pdf

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.ScanlonSigningServices.com

New TEA Opportunities

New TEA Opportunities


The U.S. Drug Enforcement Agency has issued a new federal rule Effective June 1st 2010 permitting doctors to issue prescriptions electronically it is called EPrescribing. This could open up new opportunities for "Trusted Enrollment Agent" (TEA).

This rule requires physicians to obtain a digital credential which verifies there identities
before they can electronically issue
prescribtions.This digital credential can be verified and performed by a TEA agent.

As more industries embrace the use of electronic identity credentials and signatures to conduct confidential business via the Internet this should provide future assignments for TEA agents.


Please call on us for all of your loan signing, mobile notary, process serving, or field inspection services and have the confidence in knowing we will handle any task with the upmost of care and professionalism.

Sincerely,
Lisa Scanlon, CSA
941-447-7130

"Dodd-Frank Wallstreet Reform and Consumer Protection Act"

"Dodd-Frank WallStreet Reform and Consumer Protection Act"

On July 21, 2010 President Barack Obama signed the "Dodd Frank Wallstreet Refrom and Consumer Protection Act" which aims to prevent what led to the breakdown in the mortgage lending market and to protect consumers applying for mortgages. With this increased regulation it will impact both mortgages lenders and consumers. It does provide new opportunities for affordable home ownership and enables current home owners at risk for foreclosure to re-fi or modify there mortgages.



Many of these regulations will be developed over a period of time and each provision will have a different effective date and some will have a transition period in order for lenders to meet these requirements. This is a very lengthy Act with to many provisions to mention so I have attached a link for more info on this act,

http://en.wikipedia.org/wiki/dodd-frank_act



Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices@yahoo.com

E-Notarization Update

E-Notarization Update

Silanis announced that they would be working with Stewart Title and the National Notary Association (NNA) to deliver e-notarizations and electronic closings at title offices.The NNA's Enjoa signing tablet will be worked into Stewarts e-closingroom, part of there Sureclose platform. Enjoa allows notaries to securely capture and store borrowers photograph, thumbprint and signature, satisfying all state laws. Also the Enjoa signing tablet can be used to capture the borrowers signature to sign electronic documents in Stewarts eclosing room.

SureClose will initially support electronic notarizations of closing documents using stored digital certificates created for each closing officer, notary, or attorney.

Hopefully this will pave the way for electronic closings and notarizations.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Fannie Mae Update

Fannie Update for Credit Report Pull


On August 13th Fannie Mae issued its selling guide which clarifies that lenders are not required to obtain a 2nd credit report just before loan closing. This update only reminds lenders that Fannie Mae expects them to have the processes in place. Lenders will only be required to re-underwrite a loan after the initial underwriting decision has been made if the borrower discloses or the lender discovers changes that cause the debt to income ratio to exceed 45% or to increase by 3 percentage points or more.


http://www.fanniemae.com

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices@yahoo.com

Florida realtors negotiate funds for oil spill losses

FLORIDA REALTORS NEGOTIATE FUND FOR OIL SPILL LOSSES

>>Florida Realtors (www.floridarealtors.org) and statewide realtor organizations from Alabama, Mississippi, Louisiana and Texas have negotiated a $16 million special allocation for real estate professionals claiming loss of income due to the Gulf oil spill. The organizations met several times with the new claims administrator, Kenneth Feinberg, to make their case and win the allocation.

Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Revised HUD counseling handbook

Housing Counseling Agencies:


The Department of Housing and Urban Development has revised the Housing Counseling Handbook, 7610.1 REV-5, which was posted to HUDClips on July 13, 2010. The Handbook is effective immediately with the exception of Appendix 4, HECM Counseling Protocol, which will be effective 60 days from the date it was posted to HUDClips - September 11, 2010.

The revised Handbook is available on HUDClips through the following link:

http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/7610.1/76101HSGH.pdf


Sincerely,

Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Distressed Condo Relief Act

Florida Distressed Condo Relief Act

The "Distressed Condo Relief Act" (DCRA) in SB 1196 was put in place to encourage investors to buy unsold developer inventory. This should help stabilize the condo market. It also protects the lender if the developer defaults.

If the provision becomes law it will only apply to purchases that take place before the law sunsets on July 1, 2012.

Here is a link to SB 1196



http://flsenate.gov/data/sessions/2010/senate/bills/billtext/pdf/s1
96er.pdf

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

2nd credit report pull

2nd Credit Report Pull


Fanne Mae just announced that lenders will be required to provide a 2nd credit report be pulled on the actual day of closing, prior to the loan funding. This new credit check will apply to conforming loans under 417,000.
If the borrower incurs additional debts after the lender pulled the initial credit report, it may delay or stop the closing all together.
Beware future home buyers must never go out and apply for credit while the home loan process is active.

Lisa Scanlon, CSA
www.scanlonsigningservices.com
941-447-7130

FHA to accept electronic signatures

FHA to Accept Electronic Signatures


As of 4-8-2010 FHA announced they will accepts electronic signatures on 3rd party documents included in the case binder for mortgage insurance endorsement. 3rd party documents are those that are originated and signed outside of the mortgagee's control such as a sales contract.

This will apply to Mortgages and Home Equity Conversion Mortgages. You will have to keep a hard copy of the origination case binder for 2 years from the date of the endorsement.

If you have any questions you can contact FHA Resource Center at 1-800-225-5342.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Scanlon Signing Services Green Announcement

Going Green

Scanlon Signing Services believes deeply in not wasting materials, re-using, and recycling. We want to keep the planet clean for our children. Therefor we donate all our used toners cartridges to the local performing arts school for recycling and all of our shredded documents are donated to the local animal rescue center for animal bedding. There are always places within your community that are in need of the things we just throw away, seek them out and you will be suprised how many organizations are in need. You will be doing your part to help the planet and your community.

I have also obtained my electronic notary seal and laptop for paperless notarizations and loan closings. Its the future of secure documents.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
ScanlonSigningServices@yahoo.com
ScanlonSigningServices.com

Loan Modification Tips

Loan Modification Tips.

Many firms such as banks, lenders, title companies, law firms and others are hiring notaries to perform loan modifications. Most of these assignments are legitimate, coming from major lenders such as Wells Fargo, JP Morgan Chase and Bank of America. According to HUD a loan modification is a permanent change to the loan terms which allows the loan to be reinstated and results in a payment the borrower can afford. There should be no upfront fees and the documents should reflect the new terms. Beware if you are asked to collect large upfront fees with no documents showing the new terms. There are so called rescue firms taking advantage of desperate borrowers.


If you receive an assignment that seems questionable you can check with the Better Business Bureau or local law enforcement. If you feel the job just is not right do not accept it.


Please let me know if you have any comments or questions.

Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

RESPA Reform Tips

RESPA Reform Tips

Here are some tips for signing agents who will be dealing with the new HUD settlement statements and Good Faith Estimates.

You may continue to see the old HUD and GFE through out the spring if the loan application was taken prior to 1-1-10. Any applications taken 1-1-10 and after are required to use the new forms. The new GFE is pretty much unchanged. The new HUD is longer and has more information but is easier for the borrowers to compare closing costs. The first page is the same, the 2nd page after each charge is listed the line # for the corresponding item from the GEF appears. Line 1101 will show the total of the charges reflected in the 1100 series. The same for line 1201 and 1301. The fees will be broken down for that section. The 3rd page compares GFE and HUD charges at the top. The bottom of page 3 goes over all the loan terms. Also if the lender has exceeded any tolerances there will be a lender credit listed on the HUD or the lender has 30 days to issue a refund check to the borrower.

I hope these tips help.


Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com

Electronic Notary Seal update

Electronic Notary Seal Update


As of 12-15-09 the National Notary Association (NNA) will be disabling all Electronic Notary Seals (ENS) and will no longer offer them. According to the NNA state regulations, industry practices and technologies have made it difficult to provide a single source electronic notary signature. The NNA will refund the original purchased amount to any notary that has purchased the ENS.

I was disappointed to hear the NNA will not be involved with the ENS. They have always been an organization I trust and depend on for supplies and advice. I have heard there are other vendors still offering the ENS. I will send a follow up e-mail when I have an update.