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
Saturday, December 4, 2010
Monday, November 29, 2010
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
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
Friday, October 15, 2010
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
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
Monday, October 11, 2010
"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
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
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
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