New Credit Card Laws Take Effect on 02/22/10

OneWest Bank's Sweetheart Deal - It Will Make You Shake Your Head

Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

My Home Is Worth How Much?

Ok, I get it. After years of appraisals gone wild, appraisers are nervous. They're being heavily scrutinized. I understand the need to be conservative. But can we please just find a way to value homes in a fair manner? Fair means not intentionally using a foreclosed home as a comparable when there are other homes in the neighborhood that could have been used. It means not using homes a mile away that are worth less when there's one right around the corner. It means not valuing a house and then taking a flat 20% off the value just because. And if a homeowner can show based on other comparables that an appraisal is unfair or inaccurate, how about a process that allows the owner a legitimate way to dispute it? Is that asking too much? Ridiculously high appraisals contributed mightily to our current situation. And now ridiculously low appraisals are keeping us in the same predicament. Can we please just find a reasonable middle ground?

LSI Webinar

LSI Title is presenting a free webinar on Tuesday, February 9th. Some webinars can be pretty basic, but the topics being covered in this webinar relate to issues that have been questioned and discussed a lot lately. They include:

How the final RESPA rule impacts Notary Signing Agents

The new HUD-1 Settlement Statement & Good Faith Estimate of Settlement Charges

Good Loan Modifications - What they are and how to handle them

Bad Loan Modifications - How to recognize the scam companies that exploit borrowers and seek to recruit NSAs to handle their work.


You can register here: https://www2.gotomeeting.com/register/341004898

C.Y.A.

When you're a signing agent, it's easy to take the fall when something goes wrong. So it's important to cover your tracks as much as possible. Today I received an email from one of my title companies stating that the borrower's check was not in the return package. It was a professional email, nothing accusatory. Still, we all know that the though is that the signing agent messed up.

Now I know that many signing agents take their loan packages back to their home or office after the closing and notarize and review everything there before packing it up and shipping it off. But the better procedure is to complete the package, review everything, and pack up the loan documents at the closing. This way there's absolutely no questions about what might have happened. In my case, I was able to state that I clipped the check to the front of the package right in front of the borrower AND the loan officer who was also there. I then sealed the FedEx envelope in front of the loan officer. The loan officer was able to corroborate all of this. Whew, off the hook.

Black Rebel Motorcycle - Lien On Your Dreams

Michigan Housing Market Shows A Pulse

While much of the nation has already begun to show signs of stabilization in the housing market, Michigan has (not surprisingly) lagged behind. But we may finally be seeing some life. The Detroit News reports that November home sales in southeastern Michigan (Macomb, Oakland and Wayne county) were up 22.6% from prior year. In addition, "median prices were up in Wayne and Oakland counties, inventories were down and more non-foreclosure houses and condos were sold than foreclosed properties." Have we finally seen the worst of it?

Recovery?

Today's Sunday Detroit Free Press was extra thick. Christmas ads? Nope, 128 pages entitled "2010 Notice of Forfeited Property Subject to Foreclosure." And this is for Wayne County, Michigan only. 128 pages. I guess we still have a long way to go.

Sending Out A Huge Thank You

I don't often if ever use this blog for self-promotion, but it's my blog and I will if I wanna! This past week, I received a couple of very nice acknowledgments from GoGetNotary and the American Association of Notaries. Sharon Hassler, owner of GoGetNotary, has named me to her National Advisory Council. I am truly grateful for the honor. In addition, she has also added my profile as an example of how to create an effective listing. Also this past week, Brenda Stone wrote a very informative article for the American Association of Notaries entitled "Eight Lessons for Success" (you might need to sign up for their free newsletter to access the article). Brenda discussed the importance of a website for marketing our business, and used my website as an example of a website "which some might view as the best possible site a notary could have." Shucks. She also discussed promoting a professional image and used my ugly mug as an example of a professional profile photo. I can only guess that Brenda needs to update the prescription on her glasses, but I'll take the compliment anyway.

New Credit Card Laws

Starting today, phase 1 of the new Credit Card Accountability, Responsibility and Disclosure (CARD) Act takes effect. Phase 1 requires credit card companies to give at least a 45 day warning of changes to credit card accounts, allows cardholders at least 21 days to pay their monthly credit card statements without threat of late fees, and gives consumers the right to opt out of interest-rate and fee increases and the right to cancel their accounts while paying off the balances under the old, lower interest rates. Phase 2, slated to take effect starting in February of 2010, will restrict interest-rate increases, ban issuing and marketing credit cards to young adults, and regulate gift cards.

Credit card companies, always so eager to assist consumers in any way they can, have been preparing for these changes by cutting credit limits, closing accounts and increasing interest rates prior to today. Priceless.

Why Are You Still Using Internet Explorer?

Firefox is safer, much faster, and more stable. And their logo looks great on t-shirts.

Firefox 3.5

Mortgage Modification Scams

The U.S. Department of Treasury has issued a consumer advisory regarding loan modification scams. According to the warning, here are the top ten signs of a scam:




“Pay us $1,000, and we’ll save your home.”

“I guarantee I will save your home – trust me.”

“Sign over your home, and we’ll let you stay in it.”

“Stop paying your mortgage.”

“If your lender calls, don’t talk to them.”

“Your lender never had the legal authority to make a loan.”

“Just sign this now; we’ll fill in the blanks later.”

“Call 1-800-Fed-Loan.”

“File for bankruptcy and keep your home.”

“Why haven’t you replied to our offer? Do you want to live on the streets?”

The four page pamphlet can be downloaded here: http://www.occ.treas.gov/ftp/ADVISORY/2009-1.pdf

I'll Give You $1000 For Boardwalk And Park Place

I know that the housing market has us all pretty tense, but who knew it would carry over to Monopoly?

World's Most Amazing Architecture

From MSN Travel

What Does An Out Of Work Subprime Loan Officer Do?

Move on to questionable loan modifications. Somehow, I don't think many of us are surprised.

And if you weren't sure about the intentions of loan mod companies that collect thousands of dollars upfront, here's what one former sales agent says: “Our job was to get the money in and then we’re done." Heartwarming.

When Is Free Not Free?

When it's freecreditreport.com. Yeah, the commercials are cute and that darn jingle just sticks in your head. "Free Credit Report dot com, tell your friends, tell your dad, tell your mom..." But freecreditreport.com (notice I won't hyperlink it for you) is free in the very minimal definition of the word. You get one free report from one credit bureau one time once in your life. After that, it's all about the sales pitch. The government website, www.annualcreditreport.com (this one I will link for you), is where you go to get a free credit report from all three credit bureaus once every 12 months. You get the full report, minus the actual score. To get the score, each bureau charges around $5. So tell me, do you want the sizzle or do you want the steak?

Another Problem With E-Signings

I completed an e-sign on Friday. At first, the borrower's spouse thought an e-sign sounded kind of cool. By the end of it, she was not so impressed. Trying to read their note on a laptop wasn't very easy. The county was wrong on a few docs but we couldn't make the corrections. She wanted a hard copy of the online docs, which meant she'd have to print them out herself after the signing. But near the end of the signing she asked me a very interesting question. "What real proof is there that my husband and I are really here doing the e-sign and clicking through all these documents? You could just sit at home and click through all of this without us being here, couldn't you." Umm, good point. I hope most borrowers would realize when they signed the hard copy docs that certain docs were missing, such as the note. But how do you prove anything? Will e-signs stand up in court?

A few months ago, I did an e-sign where the lender omitted the spouses name on several e-docs. When I called from the signing, my instructions were to proceed as is and that they would make the corrections themselves later. I finished the closing and informed the borrower that the lender would make the needed corrections. As I was leaving, the title company called back and said the lender decided they needed to correct the docs and have the e-sign redone. So later that day I had to drive 30 minutes back to the borrower to e-sign the same docs. What if I'd been lazy? What if I'd thought, "what's the point in driving all the way back just to redo the same docs?" I could have just sat in my office, logged on, and clicked through all the docs to re-sign them electronically. Who'd have known? The borrower already saw all their docs, already e-signed once, and were told the corrections would be made. Really, what proof is there that this was or wasn't done in front of the borrower? There's none.

Reason number 41 why e-signs are flawed.

Happy 4th Of July

Addison Oaks fireworks by Erin Rosebrugh of Anthrophotology.

Housing Market Poised To Return To Normal!!

By 2012 according to BusinessWeek. Yippee.

Why Are We Building New Homes?

According to CNBC, new home and apartment construction rose 17.2% in May, another positive sign that the housing market may be stabilizing. I dunno, shouldn't we be selling the backlog of unsold homes first before building new ones? Just a thought.