"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
Monday, October 11, 2010
Tuesday, September 7, 2010
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
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
Wednesday, September 1, 2010
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
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
Wednesday, August 25, 2010
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
>>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
Tuesday, July 20, 2010
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
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
Wednesday, July 14, 2010
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
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
Wednesday, June 30, 2010
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
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
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