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
Thursday, February 4, 2010
Wednesday, January 6, 2010
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.
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.
Wednesday, December 16, 2009
RESPA changes
Changes to RESPA
As you have likely read the Department of Housing and Urban Development (HUD) made changes to the Real Estate Settlement Procedures Act (RESPA) that are intended to make it easier for borrowers to understand the settlement process.
Here are some important changes taking effect 1-1-10. It establishes a standard 3 page Good Faith Estimate (GFE). Limits the fee associated with the GFE to the cost of the credit report. Establishes a 3 page HUD, with the 3rd page for the borrower to compare estimated charges from the GFE to the final charges from the HUD. Also Eliminated the 1% cap on FHA origination fees.
If you would like additional information on this topic here is a link,
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
As you have likely read the Department of Housing and Urban Development (HUD) made changes to the Real Estate Settlement Procedures Act (RESPA) that are intended to make it easier for borrowers to understand the settlement process.
Here are some important changes taking effect 1-1-10. It establishes a standard 3 page Good Faith Estimate (GFE). Limits the fee associated with the GFE to the cost of the credit report. Establishes a 3 page HUD, with the 3rd page for the borrower to compare estimated charges from the GFE to the final charges from the HUD. Also Eliminated the 1% cap on FHA origination fees.
If you would like additional information on this topic here is a link,
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
Friday, November 13, 2009
Notary Signing Agent Safety Tips
Safety tips for Signing Agents
As a Certified Signing Agent I would like to share some of my tips with you to help guide new agents through a safe and successful signing. You may ask why would I need safety tips, but if you are traveling to rural areas late at night or sometimes it could be the house around the corner you may find yourself in a precarious situation. Sometimes borrowers may have alot riding on that particular transaction going through. Here are some things that would stop a signing in its tracks. In-valid forms of identification, one spouse forcing another spouse to sign, or wanting to sign for the absent spouse, an elderly person being forced by another family member to sign a document they cant physically sign or don't understand.
You may be able to deter some of these situations by confirming ahead of time the type of identification required, and who needs to be present to sign the documents.
You may be pressured by the signers to perform an illegal notarization but you must follow your notary laws and code of ethics.If you need to terminate the signing handle with care. Here are some tips to keep you safe:
1. Always leave a log sheet at the office showing the addresses you will be at that day and make sure someone knows where you keep it.
2. Have your cell phone with you at all times.
3. When you arrive at the signing be aware of your surroundings, take note of all exits, dogs, other people in the house.
4. If at anytime you need to stop the signing ,call the company that hired you to confirm you halted the signing and if you need keep them on the phone with you while you vacate the property. They can alert police if you need help.
5. Check with your state laws first and if allowed carry pepper spray or some form of legal self defense.
I hope these tips are helpful.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
As a Certified Signing Agent I would like to share some of my tips with you to help guide new agents through a safe and successful signing. You may ask why would I need safety tips, but if you are traveling to rural areas late at night or sometimes it could be the house around the corner you may find yourself in a precarious situation. Sometimes borrowers may have alot riding on that particular transaction going through. Here are some things that would stop a signing in its tracks. In-valid forms of identification, one spouse forcing another spouse to sign, or wanting to sign for the absent spouse, an elderly person being forced by another family member to sign a document they cant physically sign or don't understand.
You may be able to deter some of these situations by confirming ahead of time the type of identification required, and who needs to be present to sign the documents.
You may be pressured by the signers to perform an illegal notarization but you must follow your notary laws and code of ethics.If you need to terminate the signing handle with care. Here are some tips to keep you safe:
1. Always leave a log sheet at the office showing the addresses you will be at that day and make sure someone knows where you keep it.
2. Have your cell phone with you at all times.
3. When you arrive at the signing be aware of your surroundings, take note of all exits, dogs, other people in the house.
4. If at anytime you need to stop the signing ,call the company that hired you to confirm you halted the signing and if you need keep them on the phone with you while you vacate the property. They can alert police if you need help.
5. Check with your state laws first and if allowed carry pepper spray or some form of legal self defense.
I hope these tips are helpful.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
Monday, August 3, 2009
Home Valuation Code of Conduct
HOME VALUATION CODE OF CONDUCT
This new code took effect May 1, 2009. It was drafted by the office of Andrew Cuomo New York attorney general. The critics of the HVCC including the National Assoc. of Realtors are gearing up for a fight in congress, requesting an 18 month moratorium.
This new code is linked to raising appraisal costs to consumers, use of inexperienced appraisers who are not familiar with specific neighborhoods, delays in closings or cancelled sales. The intent of this code was good but the cost of appraisals has increased and the quality has dropped.
I will keep you updated on this issue.
Sincerely,
Lisa Scanlon, CSA
www.ScanlonSigningServices.com
941-447-7130
follow us on twitter
This new code took effect May 1, 2009. It was drafted by the office of Andrew Cuomo New York attorney general. The critics of the HVCC including the National Assoc. of Realtors are gearing up for a fight in congress, requesting an 18 month moratorium.
This new code is linked to raising appraisal costs to consumers, use of inexperienced appraisers who are not familiar with specific neighborhoods, delays in closings or cancelled sales. The intent of this code was good but the cost of appraisals has increased and the quality has dropped.
I will keep you updated on this issue.
Sincerely,
Lisa Scanlon, CSA
www.ScanlonSigningServices.com
941-447-7130
follow us on twitter
Monday, July 20, 2009
New guidlines for Truth and Lending disclosure statement
New Guidlines for Truth and Lending disclosure statement (TIL)
The Federal Reserve has approved new guidelines for the Truth in Lending (TIL) disclosures effective July 30,2009.
Now there is a 7 business day waiting period from the time the initial TIL is issued to time of closing. If the final TIL does change then there is an additional 3 business day waiting period until close. If the new TIL is mailed the waiting period is 6 business days. Also prior to the issuance of the 3 day disclosures only a credit report fee can be collected.
A new statement will be added to the initial and final TIL "You are not required to complete this agreement merely because you have received these disclosures or signed a loan application"
These new guidelines apply to purchases and re-fi's.
I will keep everyone updated on this issue.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.ScanlonSigningServices.com
The Federal Reserve has approved new guidelines for the Truth in Lending (TIL) disclosures effective July 30,2009.
Now there is a 7 business day waiting period from the time the initial TIL is issued to time of closing. If the final TIL does change then there is an additional 3 business day waiting period until close. If the new TIL is mailed the waiting period is 6 business days. Also prior to the issuance of the 3 day disclosures only a credit report fee can be collected.
A new statement will be added to the initial and final TIL "You are not required to complete this agreement merely because you have received these disclosures or signed a loan application"
These new guidelines apply to purchases and re-fi's.
I will keep everyone updated on this issue.
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.ScanlonSigningServices.com
Tuesday, June 9, 2009
Notary Signing Agents can help prevent mortgage fraud
With all of the mortgage fraud cases surfacing latley, some of these could have been prevented if an experienced Notary Signing Agent was used. I have heard of several cases where the borrowers were not informed of all of there loan terms. It is my job as a Certified Signing Agent to make sure that the borrowers understand there loan documents and if there are any questions I can not answer the loan oficer is called.
When I arrive at a signing one of the first steps I take is to go over all the important terms to make sure it is what the borrower has agreed to. We check the loan amount, funds I am to collect, the interest rate, whether it is a fixed rate loan or an adjustable rate, any prepayment penalties, payment amount and any escrowed items. If everything is correct then we proceed with the signing.
I heard that some states have tried to bar notary's from performing loan signings, but I think this would be a terrible mistake. I get paid whether the borrowers sign the documents or not so I would not loose hundreds or thousands of dollars just because the loan fell through.I One of my primary roles is to make sure the borrowers understand there loan terms.
I think Certified Signing Agents should be used for all loan transactions. Most of us take pride in the role we have and I know I take it seriously.
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
scanlonsigningservices@yahoo.com
follow us on twitter
When I arrive at a signing one of the first steps I take is to go over all the important terms to make sure it is what the borrower has agreed to. We check the loan amount, funds I am to collect, the interest rate, whether it is a fixed rate loan or an adjustable rate, any prepayment penalties, payment amount and any escrowed items. If everything is correct then we proceed with the signing.
I heard that some states have tried to bar notary's from performing loan signings, but I think this would be a terrible mistake. I get paid whether the borrowers sign the documents or not so I would not loose hundreds or thousands of dollars just because the loan fell through.I One of my primary roles is to make sure the borrowers understand there loan terms.
I think Certified Signing Agents should be used for all loan transactions. Most of us take pride in the role we have and I know I take it seriously.
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
scanlonsigningservices@yahoo.com
follow us on twitter
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