2018 Education Calendar

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We are happy to introduce our Education Calendar. The calendar notates our scheduled webinars for the 2018 calendar year.

Click the attachment link below to download your copy of the Education Calendar.

Education Calendar 2018

Upcoming Webinars: April

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Introduction to Manufactured Homes 

Wednesday, April 11,  2018 – 10:00am PST/1:00pm EST 

Please join us for an introduction to Manufactured Home guidelines, procedures and suggestions to help make the process smoother. This is a segment of our business that often is met with hurdles, questions and confusion.

Click here to register.

 

NEW! Fraud Prevention

Wednesday, April 18,  2018  10:00am PST/1:00pm EST

Join us for our new class dedicated to enhancing the security of your transaction. We have compiled a comprehensive overview of some of the most common ways you can detect and prevent fraud. Allow us to share with you ways to stay alert to fraud so you can protect yourselves, your clients and increase overall awareness of the dangers of fraud.

Click here to register.

Reverse Mortgage Daily: Preventing Common Hangups at the Reverse Mortgage Closing Table

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Attending the NRMLA Western Regional Conference is always a great time, this year we had the added honor of having our very own Megan Awalt, Vice President, speak on a panel about how to prevent common hangups during a reverse mortgage closing.  Click here to read the full article from Reverse Mortgage Daily’s highlighting the panel and the tips shared.

Thank you to everyone who stopped by our booth to say hello and a big thanks to NRMLA for putting yet another fantastic conference. We are looking forward to seeing all of our industry colleagues again soon!

HUD ML 2017-18 – PACE Program Obligations

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This guidance applies to the origination of all FHA Title II forward mortgage programs, and the Home Equity Conversion Mortgage program (HECM). This guidance is effective for case numbers issued thirty days after the date of this ML.

In ML 2016-11, FHA established requirements regarding the eligibility for FHA-insured mortgages of properties encumbered with PACE (Property Assessed Clean Energy) obligations that permitted, under some circumstances, a continuing obligation for repayment of the PACE obligation even after foreclosure and acquisition by FHA.

FHA is concerned about the potential for increased losses to the Mutual Mortgage Insurance Fund due to the priority lien status given to such assessments in the case of default. FHA is also concerned with the lack of consumer protections associated with the origination of the PACE assessment, which are far less comprehensive than that of traditional mortgage financing products. FHA’s involvement with accepting properties with PACE assessments may indirectly help to overshadow potential consumer abuses.

While the existence of FHA-insured financing for properties with PACE assessments creates additional choices for financing options, potential borrowers may face risk associated with the potential for property overvaluation due to the unknown or miscalculated effect of the PACE lien on the property value.

FHA is also aware of the need to provide guidance regarding the extinguishment of PACE obligations in association with forward mortgage refinances and HECMs.

Accordingly, FHA has revised its policies with respect to the insurance of mortgages on properties encumbered with PACE obligations.

The policies and procedures for the servicing of FHA-insured mortgages on properties encumbered with a PACE obligation as announced in ML 2016-06 are not impacted by this ML and remain in effect.

Summary of Changes:

The following is a summary of policy changes, which is provided for informational purposes only.

Outstanding PACE Obligations

Properties encumbered with PACE obligations will no longer be eligible for FHA-insured forward mortgages.

Refinances

Clarification is provided to identify PACE obligations as existing debt that may be paid off using a Rate and Term Refinance.

Current policies allowing the use of a Cash-Out refinance to pay off PACE obligations remain unchanged.

HECMs

The existing prohibition of properties encumbered with PACE obligations remains unchanged for HECMs.

Clarification is provided to identify PACE obligations as Mandatory Obligations that must be paid off at closing, and may be paid off using HECM proceeds.

Click here for a full copy of the mortgagee letter.

Email Etiquette

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Technology is a wonderful tool and even more powerful when used to your advantage.

Escrow number on email subject line: Our system will automatically notate and attach any documents to your transaction to ensure information all transaction related information is  received. 

Use team email addresses: This ensures your email request will be handled by your assigned settlement team.

Attachment Size:  When scanning documents please make sure the file size is no larger than 10 Megabytes (MB).  Large attachments tend to travel slow, cause delivery delay,  or blocked by size limit settings.

Upcoming Webinar: Introduction to Trusts

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Introduction to Trusts

Please join us for our upcoming webinar entitled: Introduction to Trusts. Reverse mortgages are complex and being prepared is key to a successful closing. We are happy to share our experience and knowledge with you. Together we can make the borrower’s experience is a pleasant one.

Wednesday, January 17, 2018 at 10:00 AM (Pacific Time)

Webinar Time Zone Conversion:

11:00 AM – 12:00 PM MST

12:00 PM – 1:00 PM CST

1:00 PM – 2:00 PM EST

Click Here to Register

After registering, you will receive an email with instructions on how to join the webinar.

Title Review Notifications

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Each and every commitment/prelim is reviewed by the ARS settlement team prior to being sent to our customers. When our commitment is delivered, there will always be a review in the body of the email.

This review will list very important information about vesting, mortgages, liens, judgments and a list of requirements that are specific to the transaction. By reading these reviews, you will know what items could potentially cause delays, allowing all parties to start working on resolutions right away.

Upcoming Webinars

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Title Review 101

Wednesday, December 13,  2017 – 10:00am PST/1:00pm EST 

Please join us for our upcoming webinar on Title Review 101. We will discuss the basics of title insurance, title commitments and how to review the reports for important and relevant information that will need to be addressed during the transaction.

Click Here to Register

 

Introduction to Powers of Attorney

Wednesday, December 20,  2017  10:00am PST/1:00pm EST

Reverse mortgages are complex and being prepared is key to a successful closing. Powers of Attorney are very common in the Reverse Mortgage industry. We are happy to share our experience and knowledge with you and together we can make the borrower’s experience a pleasant one. 

 Click Here to Register

Happy Holidays!

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‘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

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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.