Higher FHA down payments

The House Financial Services Committee is proposing an increase in FHA down payments. The current down payment for an FHA mortgage is 3.5% and they want to increase this to 5%. The FHA Rural Regulatory Improvement Act of 2011 would also prevent borrowers from rolling the closing costs into the loan. This would severely limit first time home buyers.

Representatives of the Mortgage Bankers Assoc (MBA), National Assoc of Realtors(NAR), and the National Assoc of Home Builders(NAHB) all have testified opposing this new legislation. This draft legislation does not have a bill number yet but is presently being reviewed and debated. I will keep you updated on any new findings.

Sincerely,

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

Senators fight to restore counseling funding

Senators fight to restore the $88 million in funding for the housing counseling programs that were cut from the budget. This cut also includes $9 million just for reverse mortgage funding.

Counseling agencies may have to increase the cost for counseling servicies and limit the number of counselors available.

Little is known about how this program impacts consumers. But one study did show a large percentage of home owners who received this counseling did not re-default.

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

Avon products now available

Avon products Now Available
I am pleased to announce that I am an Independent Sales Representative for Avon. I have always liked there products from skin care to make-up, mens to kitchen gadgets, clothes and baby products and we cant forget the shoes.

Its very easy to order you can call me on my cell phone or send me an e-mail to place your order but now we have our own personal website that you can order directly from. Just place order pay with your credit card and your order will be shipped to you anywhere in the U.S. and will arrive within 2-3 days.

So lets get shopping. Here is a link to my webpage. I know you will enjoy these wonderful products.

www.Youravon.com/lscanlon

Sincerely,

Lisa Scanlon
941-447-7130
lisagof@msn.com

Reform is hurting borrowers not helping

While reform was needed for the out of control lending environment, the government is destroying what is left in the fragile housing market with new guidelines that only seem to hurt the consumer.

HUD has announced a new guideline that states if the borrower has officially disputed anything on there credit report they must retract there dispute even if it was an error on the credit report or they will not get a mortgage. Also it takes weeks to get the dispute removed and that can kill the loan process.

On April 1st the Dodd-Frank Financial Reform Bill was passed. This caps the amount loan officers can earn per loan transaction. But this hurts consumers because loan officers cant help cover closing costs for borrowers or reduce there interest rate.

These changes do not help the consumer, it just makes it harder to get a mortgage and creates more out of pocket expense.

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

Fl next state to use E-Verify

Newly appointed Governor Rick Scott ordered all state agencies to use the federal E-Verify system to confirm the employment eligibility for there current and prospective employees. There are now 13 states that have enacted some type of E-Verify mandate.

E-Verify is the governmnets online system that employers or E-Verify agents can use to confirm the social security numbers of future employees to verify that they are authorized to work in the United States.

This should open up the door for more job opportunities for E-Verify agents. Here is a list of the states that currently require these verifications:

Colorado,Florida, Georgia, Idaho, Minnesota, Missouri, Nebraska, North Carolina, Oklahoma, Arizona, Mississippi, South Carolina, and Utah.

I am an E-Verify agent for the state of Florida. Please call if you are in need of this service.

Sincerely,

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

Electronic Notarization Update

Va is the next state to try to tackle the Electronic Notarization issue. This new bill was passed and it allows for electronic notarizations by personnal appearance and vidoe conference. Notaries must apply for a seperate commission to become an electronic notary in VA. If the electronic notary uses video conference you must either personally know the signer or use one of the two new forms to indentify the signer. These two new forms are digital certificates accessed by biometric or an interoperable PIV smart card, and what is know as an "antecedent in person identity proofing process".

The National Notary Assoc. states they are working to have the governor veto this bill. The bill will become affective July 1, 2012.

Mortgage Assistance Programs in Trouble

In the past week, the house financial services committee has approved bills aimed at terminating four mortgage assistance programs including the Home Affordable Modification Program, the Neighborhood Stabilization Program, the Emergency Homeowner Loan Program, and the FHA Short Refinance Program. The House is stating that these programs have only helped a fraction of home owners in need, and is wasting millions of tax payer dollars.

The bills will move to the Senate next. President Obama has already indicated that he will veto the bills if they make it to his desk. Congress could over ride the presidential veto but that is unlikely.

There will certainly be heated debates about this issue. I will keep you posted.

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