Lisa Scanlon's (lisagof) Blog

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    The Department of Veterans Affairs issued an interim final rule providing safe harbor qualified mortgage status to almost all VA loans that meet the department’s current underwriting requirements. The rule took effect May 9. The department said the rule is intended to quell certain concerns r...
        Starting in 204 there will be a new set of standards for notaries that perform loan closings. The government is increasing its scrutiny of the mortgage industry and as a result they have created a set of standards called the Certified Signing Specialist Standards. A special committee call...
A new law recently enacted by Governor Jerry Brown will now require all California notaries to collect a thumbprint for any persons needing a notarization. This new law becomes effective on January 1, 2013. It also prohibits Notaries from performing a proof of execution by subscribing witness on ...
Two states (Rhode Island and Connecticut) recently invalidated mechanics liens against commercial properties because they were improperly notarized. An Acknowledgement was used instead of a Jurat. A Jurat requires the signer to give an oath or affirmation attesting to the truthfulness of the docu...
The Consumer Financial Protection Bureau is seeking comments on a set of proposed rules designed to protect consumers from "robo-signing" and the foreclosures it caused. The federal agency states these new rules are a result of the foreclosure crisis and will effect how mortgage servicers do busi...
Starting June 11, 2012 FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) for certain FHA borrowers with a drop to just .01%. The past rate of PMI on FHA loans made the streamline almost impossible due to the lack of benefit to the homeowner. Borrowers will now be able to get into a st...
The Consumer Finance Protection Bureau has proposed revisions to the financial disclosure forms that are included in loan packages in order to simplify the process. The redesigned Good Faith Estimate and Closing Disclosure forms attempt to make it easier for the borrowers to understand there loan...
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...
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 A...
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...

Lisa Scanlon

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