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
Monday, May 10, 2010
Monday, May 3, 2010
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
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
Monday, April 26, 2010
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
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
Thursday, February 4, 2010
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
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
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
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