Happy Holidays!

‘Let Us Know

If the market’s turning frightful
Choose the team that’s most insightful
If you’re wondering where to go
Let us know, Let us know, Let us know

Our expertise is always growing
And it doesn’t show signs of slowing
If you’d like your pipeline to flow
Let us know, Let us know, Let us know

We’ll make sure every step’s done right
From the order and through clear to close
to the day that your borrowers sign
In the comfort of their own home!

If your settlement team is flopping
If you’re tired of partner shopping
And prefer to work with the pros
Let us know, Let us know, Let us know

We’ll get you disbursed on time
We’ve seen it all and we’ll still get it done
Rest assured that you’ve chosen wise
Our operation is second to none

The competition is always trying
But in the end, there’s no denying
If your business is ready to grow
Let us know, Let us know, Let us know!

From our ARS family to yours, we wish you the Happiest of Holidays,

and Thank You for making Allegiant Reverse Services your trusted Title and Settlement partner!

Our office will close at 4 pm on Thursday, December 14th for a company holiday celebration.

Kansas Tax Reduction Notice

79-3102. Mortgage registration; fee; exemptions; registered mortgage and note secured, exempt from additional taxation. [See Revisor’s Note] (a) Before any mortgage of real property, or renewal or extension of such a mortgage, is received and filed for record, there shall be paid to the register of deeds of the county in which such property or any part thereof is situated a registration tax of the principal debt or obligation which is secured by such mortgage, which tax shall be computed in accordance with the following schedules. In the event the mortgage states that an amount less than the entire principal debt or obligation will be secured thereby, the registration fee shall be paid on such lesser amount.

(1) For all mortgages of real property, or renewal or extension of such a mortgage, received and filed for record prior to January 1, 2015, the tax shall be 0.26% of the principal debt or obligation which is secured by such mortgage.

(2) For all mortgages of real property, or renewal or extension of such a mortgage, received and filed for record on and after January 1, 2015, but prior to January 1, 2016, the tax shall be 0.2% of the principal debt or obligation which is secured by such mortgage.

(3) For all mortgages of real property, or renewal or extension of such a mortgage, received and filed for record on and after January 1, 2016, but prior to January 1, 2017, the tax shall be 0.15% of the principal debt or obligation which is secured by such mortgage.

(4) For all mortgages of real property, or renewal or extension of such a mortgage, received and filed for record on and after January 1, 2017, but prior to January 1, 2018, the tax shall be 0.1% of the principal debt or obligation which is secured by such mortgage.

(5) For all mortgages of real property, or renewal or extension of such a mortgage, received and filed for record on and after January 1, 2018, but prior to January 1, 2019, the tax shall be 0.05% of the principal debt or obligation which is secured by such mortgage.

For a complete review of the Kansas County Legislative Session please click here.

Donation from the Reverse Mortgage Industry

On behalf of the Reverse Mortgage Industry & the contributing partners we wish to thank the Curry Senior Center for hosting the recent NRMLA Service Project.  Our volunteers were truly touched by your organization and the senior’s you serve.  Many are inspired by your commitment and plan to continue volunteering in their hometowns.  We appreciate all you do to support the needy seniors of San Francisco.

We are beyond thrilled to present the final contribution amount from the Art of Thankful Giving reception and auction.  We are donating $42,622.00. 

Below is the total contribution:

  • Previous donation for Thanksgiving Packages & Service Project: $10,000
  • Merchant Exchange donation (Julia Morgan Ballroom): $5,000
  • Contributing Partners* & Auction Proceeds: $42,622.00
  • TOTAL Benefit to Curry Senior Center: $57,622.00

Included on this email are the contributing partners. Without their support this event would not have happened.  Thank you to:

*Allegiant Reverse Services, American Advisors Group, Celink, Finance America Reverse, Landmark, Liberty Home Equity Solutions, Live Well Financial, Longbridge Financial, Mortgage Information Services, Nationwide Equites Corp, New View Advisors, LRES Corporation, Reverse Mortgage Funding, Reverse Vision, Premier Reverse Closing, and Weiner Brodsky Kidder.

Happy Holidays!  It was a pleasure working with you on this very successful event.

California Recording Fee Changes Effective January 1, 2018

SEC. 3. Section 27388.1 is added to the Government Code, to read:
27388.1. (a) (1) Commencing January 1, 2018, and except as provided in paragraph (2), in addition to any other
recording fees specified in this code, a fee of seventy-five dollars ($75) shall be paid at the time of recording of
every real estate instrument, paper, or notice required or permitted by law to be recorded, except those
expressly exempted from payment of recording fees, per each single transaction per parcel of real property.  The
fee imposed by this section shall not exceed two hundred twenty-five dollars ($225). “Real estate instrument,
paper, or notice” means a document relating to real property, including, but not limited to, the following: deed,
grant deed, trustee’s deed, deed of trust, reconveyance, quit claim deed, fictitious deed of trust, assignment of
deed of trust, request for notice of default, abstract of judgment, subordination agreement, declaration of
homestead, abandonment of homestead, notice of default, release or discharge, easement, notice of trustee sale,
notice of completion, UCC financing statement, mechanic’s lien, maps, and covenants, conditions, and
restrictions.

For complete details please click the link below.

SB-2 Full Text

 

Suddenly Alone

WE’LL CALL THEM THE MARTIN FAMILY. I have been friends with their family for a decade. They are a huge tribe of amazing people with big hearts, and lots of love for one another. With nine brothers and sisters, their children, their children’s children, all led by the family matriarch Great Grandma Mary, imagine the massive head count at their family gatherings. Every event is always filled with love, laughter and, of course, lots of food to feed the troops. When you’re immersed into a group at any function, no matter how big or small, there’s always that one connection you make that you know is just real. For me, that person was Aunt Kay. She’s extremely artistic and creative, which drew me to her immediately, being an artsy soul myself. She is also sarcastic, funny, a real spit fire and, always made me feel like a part of the “Tribe.”  A woman of admirable qualities, she is also a dedicated mother, grandmother and the loving wife of Carl for over 40 years.

Click the icon below to read the full story.

…Aunt Kay said to me. “Being able to rely
on someone knowledgeable that you can trust after something
like this happens makes a world of difference.”

 

Iowa Guidelines

Specific to Iowa state guidelines, the lender must pay the cost of the title insurance policy, since Iowa law allows a lender to impose only a limited number of fees upon a borrower.  Iowa amended its definition of lender to include any party that provides services in connection with a loan transaction, so title insurers now fall within the lender definition.  If the lender obtains an Iowa title guaranty, that charge could be imposed on the borrower.   The Iowa Legislature created Iowa Title Guaranty to provide guarantees of Iowa real property titles, facilitate mortgage lenders’ participation in the secondary market and to help assure the integrity of Iowa’s land-title system. Iowa Title Guaranty’s profits are re-invested in the state of Iowa.

http://iowafinanceauthority.gov/IADD/

The link will provide you the contact information on who you would open the order with if you find that facilitating the closing with the Iowa Title Guaranty is a more favorable solution for your borrowers.

The 411 on Manufactured Homes

Have you ever had a potential borrower approach you about taking a loan on their manufactured home? Here’s what you need to know about these types of properties. A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards according to HUD Code. The home must display a red certification label on the exterior of each transportable section. Manufactured homes are built in the controlled environment of a manufacturing plant and are transported in one or more sections on a permanent chassis.

A manufactured home is considered personal property, just like a vehicle. Once any loans against the manufactured home have been satisfied, an original title will be provided. Even if the loans against the home are paid, it will continue to be personal property until the proper steps to convert it to real property have been completed.

Converting Title

Process and guidelines vary by state. Conversion of title may be completed before or after closing, depending on lender or state regulations. The completion timeframe can vary depending on local or state guidelines. Fees may apply

-All liens must be satisfied in order to obtain original title. Conversion of title cannot begin without original title.

-Real property taxes may already be assessed and paid without the completion of the title conversion process.

-Here are HUD’s guidelines regarding manufactured homes:

-The home must have a floor area of no less than 400 square feet.

-The home must have been constructed on or after June 15, 1976.

-The home must be classified and taxed as real estate.

-The manufactured unit must not have been installed or occupied previously at any other site or location.

-The mortgage must cover both the manufactured unit and its site, and have a term of no more than 30 years from the date amortization begins.

-The finished grade elevation beneath the manufactured home—or if a basement is used, the lowest finished exterior grade adjacent to the perimeter enclosure—must be at or above the 100-year return frequency flood elevation. This requirement applies wherever manufactured homes may be installed, not just in locations designated by the National Flood Insurance Program as areas of special flood hazard.

-The home must have permanent utilities installed and be protected from freezing.

-The home must be permanently attached to the foundation.

-The towing hitch or running gear must be removed (including tongues, axles, brakes, wheels and lights). The chassis must stay in place. A chassis that has been removed from a manufactured unit is unacceptable.

-There must be a properly enclosed crawl space with a continuous, permanent foundation-type construction.

-The label (metal plate) number of the unit as shown on the Federal Manufactured Home Construction and Safety Standard Data Plate must be on the exterior of each home.

***The information above if for informational purposes only. The Company does not assume any liability or responsibility for the accuracy.***

The Art of Thankful Giving Dessert Reception & Benefit

One of the benefits of being a part of the reverse mortgage industry is our ability to come together to support each other, and other organizations with the common goal of improving the lives of seniors. Each year we organize as an group to volunteer at a local charity before the start of the NRMLA Annual Conference. Members of our community will be volunteering their time in the morning and then we’ll shift our efforts towards fundraising during the evening event.

 

I would like to encourage you to join us in the Art of Thankful Giving Reception & Benefit on Sunday, November 12th as we gather in San Francisco. Reaching out within the community, particularly helping local seniors, has become something I look forward to every year.  It’s a special blessing to support the Curry Senior Center as we did two years ago.  Their need is so great and the seniors we meet are so appreciative, it is truly a heartwarming experience.  Working together, everyone doing their part, we can make a difference!

 

Below are the details for the Reverse Mortgage Industry Reception & Benefit. We hope you will join us for a fun evening!

The Art of Thankful Giving Dessert Reception & Benefit 
The Art of Thankful Giving: Supporting The Curry Senior Center – San Francisco

Sunday, November 12, 2017 
7:00 pm – 10:00 pm

Julia Morgan Ballroom (located 3 blocks from the Palace Hotel, San Francisco) 
465 California Street, San Francisco, CA 94104

CLICK HERE to learn more and RSVP

Charitable Giving

The devastating fires of our surrounding areas continue to impact thousands of people and animals.  It’s often overwhelming to determine where to find information on how to help so  we did some research and found the following sites are great places to make donations for those who wish to help:

  • This Go Fund Me page seems to be very comprehensive and is verified. Donations can be made and they can spread it around or you can go directly to the sites listed: Go Fund Me Link

Animals charities are historically underfunded and assistance is greatly needed: These animal rescue sites are focusing their efforts on reuniting pets with families, healing and caring, fostering, sheltering, and supplies to keep up with demand:

Thank you,
ARS

Signing by “X”

As senior citizens age they may have difficulty carrying out everyday tasks such as signing their name. Although their mind remains sharp, they may lose the ability to carefully sign important documents. The use of a power of attorney may not be necessary considering all 50 states permit an individual to sign his or her name by an “X”.

Standard Requirements:

1) The borrower must be present before a notary public

2) Have proper identification (based on state laws)

3) Be able to comprehend and communicate clearly that their signature is by their own will and with no concerns as
to competency

4) The mark should be witnessed by two persons other than the notary, who also have proper identifications

5) The notary should record journal entry signer’s mark, the witness’ signatures and any additional information regarding special circumstances

Each state may have its own requirements. Please verify with your Settlement Team regarding specific signature by mark procedures.