Lisa Scanlon's Blog

The National Mortgage Settlement

Lisa Scanlon (Scanlon Signing Services) — Tue, 15 May 2012 08:16:25 -0700

The recent $25 billion National Mortgage Settlement is likely to have a significant impact on the entire mortgage industry as well as law firms, document processing companies and notaries. For companies, the terms target the kinds of policies and practices that created the "robo-signing" assembly lines. For notaries and there supervisors, the settlement terms focus on the need to comply with state notary laws and obtain adequate training to carry out there duties. In October 2010, a coalition of state attorneys general and federal agencies launched an investigation of the financial industry following revelations the "robo-signing" affidavits were being used in foreclosure proceedings around the country. In february, five major banks reached an agreement with state and federal officials not only to pay $25 billion in relief to homeowners who were improperly foreclosed on but also to change the way they deal with mortgage documents. The terms of the settlement require banks to provide state-specific training for all empolyees who regularly prepare or execute forecloser-related documents. The banks also are required to keep records of all forclosure-related notarizations performed on there behalf. Banks who violate the reform terms can face stiff penalties (up to $5 million for repeat offenders) In the end this means we must not ignore notarial laws. Signers must personally appear before the notary with proper identification and all notarizations must adhere to state laws.

Lisa Scanlon, CSA

www.scanlonsigningservices.com

941-447-7130

Feds push for E-Records

Lisa Scanlon (Scanlon Signing Services) — Thu, 10 May 2012 04:38:51 -0700

One of the biggest challenges to the widespread use of electronic notarizations is the slow pace of government agencies adopting digital recordkeeping technologies.But that may soon change as the federal goverment speeds up its plan to use e-records to replace the mountains of papers. The Obama Administration recently issued a memo directing federal agencies to start using electronic technologies to replace paper options. They must submit a plan outlining there efforts to adopt digital recordkeeping technologies. As more agencies embrace electronic recording and documents, the closer we are to electronic notarizations.

Sincerely,

Lisa Scanlon, CSA

941-447-7130

www.scanlonsigningservices.com

VA funding fee trouble

Lisa Scanlon (Scanlon Signing Services) — Thu, 13 Oct 2011 05:31:32 -0700

Some last minute confusion regarding legislative changes to VA loan fees has some lenders and prospective homeowners scrambling for clarity with home closings on the line. But the Department of Veterans Affairs sought to calm fears by pledging to cover additional costs while waiting for President Obama to act on a bill that would keep VA funding fees in place thru mid-November.

The fees are mandatory charges applied to every VA purchase and re-finance loan. They help keep the program running and help ensure service members can continue to purchase a home with no money down or private mortgage insurance. The bill now is awaiting the presidents signature and would stave off the rate drop until Nov. 17.

Government officials expect the VA funding fee issue to be resolved within days. I will keep you updated on this issue.

Sincerely,

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

Florida's new Power of Attorney Act.

Lisa Scanlon (Scanlon Signing Services) — Mon, 10 Oct 2011 16:56:29 -0700

Last week Florida enacted a new "Power of Attorney Act" in order to protect its elderly population from exploitation. This new act states a power of attorney must be signed by the principal and two subscribing witnesses and be acknowledged by the principal before a notary public.

Floridians are being warned that if they don't comply with the new laws there power of attorney will be invalid. Power of attorney's that were entered prior to 10-1-11 will still be valid if they followed the current laws that were in place at that time. Individuals should update there current power of attorney in order to be up to date with the new regulations to avoid any potential problems in the future.

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

need an insurance appraisal

Lisa Scanlon (Scanlon Signing Services) — Thu, 22 Sep 2011 14:58:53 -0700

Hello,

I am in desparate need of a cheap appraisal for insurance purposes. I am in bradenton, fl , can anyone help?

Thanks,

Lisa Scanlon, CSA

941-447-7130

NFIP may get temporary extension

Lisa Scanlon (Scanlon Signing Services) — Thu, 22 Sep 2011 08:00:43 -0700

The National flood Insurance Program (NFIP) is expiring on September 30,2011 unless congress approves a temporary extension. If approved it would extend program until November 18,2011.

The NFIP provides low cost flood insurance to home owners whose properties are located in an area with special flood hazards. Also the NFIP provides disaster relief funds to states effected by hurricane Irene.

If this program expires new home loan applicants requiring flood insurance would be held up pending extension of the program. Other bills floating around congress seek to extend the program for five more years. The NFIP provides flood insurance to 5.6 million homeowners.

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

Government is looking into REO properties

Lisa Scanlon (Scanlon Signing Services) — Tue, 16 Aug 2011 09:56:44 -0700

The Federal Housing Finance Agency (FHFA), the US Department of Treasury and the Department of Housing and Urban Development (HUD) have issued a Request for Information (RFI) on the real estate owned (REO) properties held by Fannie Mae, Freddie Mac, and FHA. This RFI is seeking to address the current and future inventory of REO properties and encourages private investment in the housing market, and reducing the average loan loss. RFI also requests that we address property repair needs, assist in neighborhood and home price stabilization, and help current renters to become home owners (lease to own).

Millions of families have seen there home values plummet due to foreclosures and abandoned properties in there neighborhood. Encouraging private investment in Reo properties may help stabilize neighborhoods and home values.

Higher FHA down payments

Lisa Scanlon (Scanlon Signing Services) — Tue, 14 Jun 2011 06:51:07 -0700

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

Lisa Scanlon (Scanlon Signing Services) — Sun, 05 Jun 2011 06:49:40 -0700

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 Available

Lisa Scanlon (Scanlon Signing Services) — Sun, 22 May 2011 19:09:05 -0700

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

New Reform only hurts borrowers

Lisa Scanlon (Scanlon Signing Services) — Thu, 12 May 2011 13:20:26 -0700

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

Florida is the next state to use the E-Verify System

Lisa Scanlon (Scanlon Signing Services) — Thu, 07 Apr 2011 08:11:22 -0700

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

Lisa Scanlon (Scanlon Signing Services) — Tue, 29 Mar 2011 08:39:43 -0700

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

Sincerely,

Lisa Scanlon, CSA

941-447-7130

www.ScanlonSigningServices.com

Online Notarization Website?

Lisa Scanlon (Scanlon Signing Services) — Wed, 19 Jan 2011 14:21:41 -0800

I recently came across an Online Notarization Website that offers online notarization through a web cam and video chat. I thought to myself how can this be without personal appearance, that is one of the cornerstones of the Notary office.

When I investigated further I learned that the only state this is allowed in is New Jersey. But it made me wonder if this is where the notary office is going in the future. I don't see how you can properly identify and individual over a web cam and also you cant see anything going on outside of the viewing window, what if they are being coerced in some way. I feel this would de-value the notary office and could create additional opportunities for fraud.

I know that personal appearance is one of the most important rules as a notary, but who knows what the future holds.

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

Mortgage Tax Deduction

Lisa Scanlon (Scanlon Signing Services) — Mon, 06 Dec 2010 17:57:40 -0800

Mortgage Tax Deduction

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

New HUD settlement stmnt for FHA reverse mortgages.

Lisa Scanlon (Scanlon Signing Services) — Mon, 29 Nov 2010 11:07:23 -0800

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

New TEA Opportunites

Lisa Scanlon (Scanlon Signing Services) — Fri, 15 Oct 2010 08:33:11 -0700

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

"Dodd-Frank Wallstreet Reform and Consumer Protection Act"

Lisa Scanlon (Scanlon Signing Services) — Mon, 11 Oct 2010 21:05:05 -0700

"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.com

E-Notarization Update

Lisa Scanlon (Scanlon Signing Services) — Tue, 07 Sep 2010 14:53:02 -0700

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

Fannie Mae Update

Lisa Scanlon (Scanlon Signing Services) — Wed, 01 Sep 2010 10:47:02 -0700

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

Florida realtors negotiate funds for oil spill losses

Lisa Scanlon (Scanlon Signing Services) — Wed, 25 Aug 2010 11:48:12 -0700

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

New HUD revised counseling handbook

Lisa Scanlon (Scanlon Signing Services) — Tue, 20 Jul 2010 08:56:32 -0700

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

Distressed Condo Relief Act

Lisa Scanlon (Scanlon Signing Services) — Wed, 14 Jul 2010 13:26:23 -0700

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

Fannie's 2nd credit report pull

Lisa Scanlon (Scanlon Signing Services) — Wed, 30 Jun 2010 07:41:53 -0700

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

FHA to accept electronic signatures

Lisa Scanlon (Scanlon Signing Services) — Mon, 10 May 2010 19:11:35 -0700

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