Lora Leasure-Radzevich, True Colors Services, LLC Blog

Your Buyer Can Purchase a Home With a Reverse Mortgage!

Tue, 21 Oct 2008 09:12:39 -0500

Great news for Realtors!

The recent bill that passed which raised the county limits of FHA loans also includes a provision allowing seniors, 62 and older to combine the purchase of a home with a reverse mortgage.

For those of you that do not know how it works, it goes like this:

Say a 70-year old buyer sold their previous home and has $100K to put down on a home. Let's say they are interested in a 200K property. They very well may qualify for a reverse mortgage which will alleviate any future mortgage payments. In some respects, it would be the equivalent of purchasing a home for 1/2 price. No more payments for the rest of their life! ( other than taxes and homeowners insurance)

Scenario #2-the same buyer doesn't really want to take on much of a mortgage so they are instead shopping for a $150K home in order to keep those payments low. Again, instead of financing anything, they could now qualify for a higher-priced home ($200K)-sounds better to you as an agent and in all reality, would probably make the client happier!

One more example- say the same buyer has the full amount to buy a $200K home;cash purchase. Why would they?? They can now put $100K down along with the reverse mortgage, and not make one mortgage payment! They then have $100K to do with as they please-put in the bank as a nice next egg, invest, buy long-term health care coverage, travel, etc. They can truly enjoy the golden years.

As with all of the examples above, they have alleviated the costs of 2 transactions which would save them 1000s of dollars.

I will say these transactions will not be simple but then again, neither are short sales or modifications and we've all become more familiar with them in recent months. It will be imperative that you do your homework and learn this program in order to accommodate your client. In addition, you must work with a lender that knows the program inside and out or the deal will surely fall through. Oh, by the way, many Reverse Mortgages are due to referrals so keep that in mind.

I have performed close to 200 Reverse Mortgage closings in the last 14 months. I will gladly help any of you that would like more information or assistance with clients that may be a fit for this program.

Regards,

Lora

Your Buyer Can Purchase a Home With a Reverse Mortgage!

Fri, 17 Oct 2008 15:32:25 -0500

Great news for Realtors!

The recent bill that passed which raised the county limits of FHA loans also includes a provision allowing seniors, 62 and older to combine the purchase of a home with a reverse mortgage.

For those of you that do not know how it works, it goes like this:

As with all of the examples above, they have alleviated the costs of 2 transactions which would save them 1000s of dollars.

Regards,

Lora

HECM Counseling Changes

Wed, 17 Sep 2008 22:34:51 -0500

Can anyone explain the changes (in a nutshell) for fees that can be charged for Reverse Mortgage Counseling?

I am now hearing that HUD is "requiring" the fee to be paid up front?? I don't want to pass along incorrect information but I received it from a mortgage company today.

Does this apply to ALL counseling agencies or are there still agencies out there that are offering free of charge?

Not only that but I'm told the fee is up to $125.00-how is that based? Is this based on income level and if so, what are the limits, etc?

Does anyone know the straight of it?

Lora

Reverse Mortgage Counseling-Changes in Fees

Wed, 17 Sep 2008 22:30:27 -0500

Can anyone explain the changes (in a nutshell) for fees that can be charged for Reverse Mortgage Counseling?

I am now hearing that HUD is "requiring" the fee to be paid up front?? I don't want to pass along incorrect information but I received it from a mortgage company today.

Does this apply to ALL counseling agencies or are there still agencies out there that are offering free of charge?

Not only that but I'm told the fee is up to $125.00-how is that based? Is this based on income level and if so, what are the limits, etc?

Does anyone know the straight of it?

Lora

Go ahead, twist my arm....

Fri, 22 Aug 2008 19:41:18 -0500

Ok, didn't have to twist too hard-it was an easy decision to join the group.

Thanks for the invite-AR is awesome and addictive to say the least. I tell myself I'm going to pop on for just a few minutes and next thing I know, it's hours later! Guess we've ALL been there, huh?

I look forward to networking, learning from others, and maybe even laughing from posts about this crazy industry.

Take care and thanks again!

Lora

Uniform Closing Instructions--online workshop today

Mon, 03 Dec 2007 11:21:20 -0600

The conference call on December 3 at 2:00 p.m. EST will discuss the proposed uniform closing instructions that have been developed by ALTA, the Mortgage Bankers Association, and the American Escrow Association. The new instructions will improve efficiencies and lower costs to the industry and consumers by replacing countless sets of instructions with two standard sets. Comments on the instructions will be collected until early next year, after which they will go into effect. To register and learn more about the online workshop, "Introducing the New Proposed Uniform Closing Instructions," please go to www.campusmba.org or call (800) 348-8653. ]

An online workshop/ conference call will commence today, December 3 at 2:00 p.m. EST to discuss the proposed uniform closing instructions that have been developed by ALTA, the Mortgage Bankers Association, and the American Escrow Association. The new instructions are designed to improve efficiencies and lower costs to the industry and consumers by replacing countless sets of instructions with two standard sets.

This is an agreed upon draft which has been distributed for final comments to the settlement services industry. Send your comments to one of the website locations set up by the MBA, ALTA, OR AEA on or before January 30, 2008.

To download a set of the proposed instructions, click on the link below or call (800) 348-8653. ]

http://www.campusmba.org/Courses/SearchCoursesandProductsListing/UniformClosingInstructions.html

Uniform Closing Instructions--online workshop today

Mon, 03 Dec 2007 11:20:21 -0600

To download a set of the proposed instructions, click on the link below or call (800) 348-8653. ]

http://www.campusmba.org/Courses/SearchCoursesandProductsListing/UniformClosingInstructions.html

Uniform Closing Instructions--online workshop today

Mon, 03 Dec 2007 11:18:47 -0600

To download a set of the proposed instructions, click on the link below or call (800) 348-8653. ]

http://www.campusmba.org/Courses/SearchCoursesandProductsListing/UniformClosingInstructions.html

I would love to hear feedback-this affects several pieces to the puzzle.

From a turkey's perspective.......

Wed, 21 Nov 2007 09:10:25 -0600

Have a safe and relaxing holiday!

Lora Leasure, CNSA

813.486.1900

Please visit my website at: www.truecolorservices.info

"Where Do You Go From Here?"-Countrywide in the hot seat as stock plummets

Tue, 20 Nov 2007 23:26:15 -0600

http://abcnews.go.com/Nightline/story?id=3892797&page=1 Here is a story that hits a little too close to home. A Brandon, FL mortgage company along with Countrywide was the target of this Nightline feature story tonight, yet another sad story in the news regarding loans that most would agree shouldn't have taken place. Quoted as on the "fasttrack to foreclosure", this 79 year-old retired postal worker believes he was "swindled" into a 1% teaser rate that soon escalated to 8.75% before he made his first payment. The loan was transferred to Countrywide, whose stock plummeted to a closing rate of under $11.00 per share today. Now Countrywide gets to answer the majority of questions regarding this account as well as deal with the negative press.

One page of the document lists Jordan as retired, but elsewhere, it says he was earning $8,900 a month. When asked why he would sign documents that he hadn't "thoroughly" read, the borrower's attorney states the following: "They give these stacks of papers to a homeowner, in a closing that lasts about 45 minutes, and what they do is they sit there and say, 'This is what this page says, sign here,'" Faux said.

More bad news for Countrywide, in addition to the falling stock prices and 1000's of employees recently hitting the unemployment line-North Carolina treasurer Richard Moore is taking aim at Countrywide CEO Angelo Mozilo, who is now being informally investigated by the SEC for selling a half million shares of company stock while its value plummeted.

The saga continues.................

Lora, Certified Signing Agent

Riverview, FL.

"Where Do You Go From Here?"-Countrywide in the hot seat as stock plummets

Tue, 20 Nov 2007 23:22:26 -0600

The saga continues.................

Lora, Certified Signing Agent

Riverview, FL.

Question for PA folks regarding E-closings/electronic signatures.

Mon, 15 Oct 2007 16:17:38 -0500

I am wondering what the experience to date, has been with the authorization of EClosings/electronic signatures for loans in PA. I am curious as to if there has been much interest in PA to facilitate closings electronically and if so, have there been many glitches along the way? Is this something that is stipulated by the lender or something offered by title companies as an option?

A similar bill has passed in Florida and will go into effect January, 2008.

Your feedback is appreciated! Thank you!

E-Closings-Definitely check out this link-very interesting perspective

Tue, 09 Oct 2007 23:11:10 -0500

Here is an interesting link for "E-closings". http://abclocal.go.com/kabc/story?section=consumer&id=5697434

House bill 1305 (see below) is due to start in Florida in 2008. I would be interested in hearing any feedback/experience from those of you that have went through the training/certification.

For those of you that haven't, what is your outlook on this change for the signing agent industry?

Sounds to me like experienced, trained, signing agents that are willing to invest time and $$ will be the ones working when all this comes into play.

CHAPTER 2007-257

Council Substitute for House Bill No. 1305

An act relating to notaries public; creating s. 117.021, F.S.; authorizing

electronic notarization; requiring electronic signatures to include

certain information; providing requirements for the use of a

notary public seal with electronic signatures; providing that failure

to comply with such requirements may result in specified sanctions

against the notary public; authorizing the Department of State to

adopt rules to ensure the security, reliability, and uniformity of the

signatures and seals; providing an effective date.

WHEREAS, notaries public are among the longest serving public officials

in the United States, and

WHEREAS, in Florida, notaries public are commissioned and regulated by

the Executive Office of the Governor, and

WHEREAS, notaries public are the time-tested defense against identity

fraud, mortgage fraud, and other kinds of fraud that represent a threat to

a healthy economy, and

WHEREAS, notaries public provide a disinterested third-party witness in

a broad spectrum of transactions, ensuring credibility and reliability to

signatures on documents vital to our economy, and

WHEREAS, a notary public's signature and seal is vital to the authenticity

and integrity of notarized documents, and

WHEREAS, the advent of electronic notarization demands that the issues

of security and identity in the electronic notarization process be subject to

accountability and uniform standards so as to foster public trust and protect

consumers, and

WHEREAS, to ensure that electronic notarizations enjoy the same level

of credibility as paper-based notarizations, it is imperative that appropriate,

substantive, secure, and uniform standards and procedures be adopted, and

WHEREAS, the absence of uniform standards represents a hindrance to

the adoption of technologically available electronic notarization systems,

NOW, THEREFORE,

Be It Enacted by the Legislature of the State of Florida:

Section 1. Section 117.021, Florida Statutes, is created to read:

117.021 Electronic notarization.-

(1) Any document requiring notarization may be notarized electronically.

The provisions of ss. 117.01, 117.03, 117.04, 117.05(1)-(11), (13), and (14),

117.105, and 117.107 apply to all notarizations under this section.

CODING: Words stricken are deletions; words underlined are additions.

(2) In performing an electronic notarial act, a notary public shall use an

electronic signature that is:

(a) Unique to the notary public;

(b) Capable of independent verification;

(d) Attached to or logically associated with the electronic document in a

manner that any subsequent alteration to the electronic document displays

evidence of the alteration.

(3) When a signature is required to be accompanied by a notary public

seal, the requirement is satisfied when the electronic signature of the notary

public contains all of the following seal information:

(a) The full name of the notary public exactly as provided on the notary

public's application for commission;

(b) The words "Notary Public State of Florida";

(d) The notary public's commission number.

(4) Failure of a notary public to comply with any of the requirements of

this section may constitute grounds for suspension of the notary public's

commission by the Executive Office of the Governor.

(5) The Department of State may adopt rules to ensure the security,

reliability, and uniformity of signatures and seals authorized in this section.

Section 2. This act shall take effect January 1, 2008.

Approved by the Governor June 28, 2007.

Filed in Office Secretary of State June 28, 2007.

Ch. 2007-257 LAWS OF FLORIDA Ch. 2007-257

CODING: Words stricken are deletions; words underlined are additions.

eNotarization

Tue, 02 Oct 2007 18:08:18 -0500

House bill 1305 (see below) is due to start in Florida in 2008. I would be interested in hearing any feedback/experience from those of you that have went through the training/certification. For those of you that haven't, what is your outlook on this change for the signing agent industry?

CHAPTER 2007-257

Council Substitute for House Bill No. 1305

An act relating to notaries public; creating s. 117.021, F.S.; authorizing

electronic notarization; requiring electronic signatures to include

certain information; providing requirements for the use of a

notary public seal with electronic signatures; providing that failure

to comply with such requirements may result in specified sanctions

against the notary public; authorizing the Department of State to

adopt rules to ensure the security, reliability, and uniformity of the

signatures and seals; providing an effective date.

WHEREAS, notaries public are among the longest serving public officials

in the United States, and

WHEREAS, in Florida, notaries public are commissioned and regulated by

the Executive Office of the Governor, and

WHEREAS, notaries public are the time-tested defense against identity

fraud, mortgage fraud, and other kinds of fraud that represent a threat to

a healthy economy, and

WHEREAS, notaries public provide a disinterested third-party witness in

a broad spectrum of transactions, ensuring credibility and reliability to

signatures on documents vital to our economy, and

WHEREAS, a notary public's signature and seal is vital to the authenticity

and integrity of notarized documents, and

WHEREAS, the advent of electronic notarization demands that the issues

of security and identity in the electronic notarization process be subject to

accountability and uniform standards so as to foster public trust and protect

consumers, and

WHEREAS, to ensure that electronic notarizations enjoy the same level

of credibility as paper-based notarizations, it is imperative that appropriate,

substantive, secure, and uniform standards and procedures be adopted, and

WHEREAS, the absence of uniform standards represents a hindrance to

the adoption of technologically available electronic notarization systems,

NOW, THEREFORE,

Be It Enacted by the Legislature of the State of Florida:

Section 1. Section 117.021, Florida Statutes, is created to read:

117.021 Electronic notarization.-

(1) Any document requiring notarization may be notarized electronically.

The provisions of ss. 117.01, 117.03, 117.04, 117.05(1)-(11), (13), and (14),

117.105, and 117.107 apply to all notarizations under this section.

CODING: Words stricken are deletions; words underlined are additions.

(2) In performing an electronic notarial act, a notary public shall use an

electronic signature that is:

(a) Unique to the notary public;

(b) Capable of independent verification;

(d) Attached to or logically associated with the electronic document in a

manner that any subsequent alteration to the electronic document displays

evidence of the alteration.

(3) When a signature is required to be accompanied by a notary public

seal, the requirement is satisfied when the electronic signature of the notary

public contains all of the following seal information:

(a) The full name of the notary public exactly as provided on the notary

public's application for commission;

(b) The words "Notary Public State of Florida";

(d) The notary public's commission number.

(4) Failure of a notary public to comply with any of the requirements of

this section may constitute grounds for suspension of the notary public's

commission by the Executive Office of the Governor.

(5) The Department of State may adopt rules to ensure the security,

reliability, and uniformity of signatures and seals authorized in this section.

Section 2. This act shall take effect January 1, 2008.

Approved by the Governor June 28, 2007.

Filed in Office Secretary of State June 28, 2007.

Ch. 2007-257 LAWS OF FLORIDA Ch. 2007-257

CODING: Words stricken are deletions; words underlined are additions.