Posted by Joan Bergstrom on 10/8/07 9:48pm
Msg #215515

Did anyone see the NNA on Los Angeles TV tonight?

A realtor friend of mine said the NNA was on a local news broadcast in So Cal about Electonic Signatures on loan documents in Orange County? She didn't know much about it as she is not a notary

Reply by JanetK_CA on 10/9/07 2:04am
Msg #215532

Any idea which station it was on? There's a remote possibility it might be available for viewing online...

Reply by Michelle Mussetter on 10/9/07 8:46am
Msg #215543

Go to ABC7.com. Halfway down on the left side under consumer.

Reply by jba/fl on 10/9/07 9:39am
Msg #215546

text follows

"
Oct. 8, 2007 (KABC-TV) - Imagine buying a house, or refinancing one, and you spend just a few minutes signing the papers. In fact, you only have to sign once. As much as this sounds like science fiction, it's not -- electronic closings are cutting down the paperwork.


It has taken a very long time for lenders, title companies, and notaries to perfect electronic real estate closings. To eliminate the paper and use the computer it needed to be safe and legally binding. Well now they have just what they need for paperless e-closing.

Each time you refinance or get a new mortgage, you can expect a stack of papers nearly an inch thick that you've never seen before, but you have to sign.

"It can be enormously time consuming and expensive," said Rich Hansberger of the National Notary Association.

But this is the age of technology, and soon you will be seeing a completely paperless, electronic mortgage signing called e-closing.

"We just need to capture one signature on this document," Hansberger explained to Susan Drury. "So I'm going to click the screen for you, and ask you sign the signing pad. And we'll type your name [on the screen]."

And just like that, Susan has just completed a paperless e-closing.

Here's how it works -- a notary comes to you (or you go to them) and they have all of your paperwork on computer. But the key piece of equipment is a special electronic signature pad with a fingerprint retriever.

For added security, the notary uses a hack-proof electronic notary seal.

"A lot of consumers have had title to their property changed, taken from them without knowing it -- with a fake notarization, a false notary. And also in some cases, legitimate notaries have had their name misused by criminals," said Timothy Reiniger of the National Notary Association. "So they put the electronic seal, this will be stopped."

Reiniger and Hansberger say paperless closings can really stand out when a mistake is spotted. With just a few keyboard clicks, the documents can be corrected right on the spot, so you can close on time with no delays.

So paperless e-closings are easy to correct, are secure, save time, and can save you money. You see, without all the paper and the time spent consumers can save $100 to $300 with an e-closing. "

So, paperless: ok.
The notary will come to you: doesn't he/she still get paid? How will that save $$$?
Will TC still charge: I'm sure of it
Will there still be lender charges? I'm sure of it too
Time spent: Won't the bor. still at least scan the docs? Bor. still has to indicate whether he/she wants to sign particular doc.
Print fee: won't bor. want copy of some kind? Still have to pay for disc I would think, tho a bit reduced.
Will notary absorb all costs? Not this one.
Other flies in the ointment? just not thinking clearly yet

Reply by Renee Kovacs on 10/9/07 9:58am
Msg #215550

flies in the ointment

My understanding is still pretty rudimentary, but so is e-notarization. The problem is that there are several carts before the horse at the moment - the secondary market isn't in line yet to purchase 'e-files' and the wholesalers/secondary investors will need to reach a software protocol that is accessible to each.

Those are just flies, though, and I look at the precedent for e-commerce in the larger industries, like defense industries who have (to my understanding) been managing to do this for quite a few years now.

I would think the last 'fly' will be the borrower - given that we're living in (under?) such a fear-based society and those fears aren't being squelched, but rather they're being played upon from every angle. So - how do you tell America "Be scared, be very scared" but then say "Oh, but not about THIS, don't be scared about THIS. Just everything ELSE."?

BUT ... like I said, my understanding is meager. Lots of reading and a seminar, but that's it.

Reply by Sylvia_FL on 10/9/07 9:58am
Msg #215551

Re: text follows

"Print fee: won't bor. want copy of some kind? Still have to pay for disc I would think, tho a bit reduced"

Borrowers would need copies, and not all borrowers have computers.

Reply by docs1954CA on 10/9/07 10:20am
Msg #215556

Re: text follows

They'll have to come up with a new fee lines on the HUD..."E-closing" $ 450.00, plus of course " Notary Fee" $ 300.00, "E-Seal Prep" $325.00, " Docs on CD Fee" $100.00

Reply by MichiganAl on 10/9/07 11:36am
Msg #215572

Your new fees made me chuckle...

but I know darn well you're not far from the eventual truth.

Reply by jba/fl on 10/9/07 1:54pm
Msg #215602

and I'm ROFLMAO too! (new fees) n/m

Reply by CJ on 10/9/07 1:55pm
Msg #215603

"borrowers have their property stolen".

Something like that was in the text. I know I look at the vesting on the DOT to double check how to sign. And if there is an GD or Interspousal, I make sure the borrowers read that one carfully and undestand it. Property does not get stolen on MY watch. Plus, with all the riff-raff that I DO see, I never saw someone trying to steal the property.

A borrower did tell me once that her husband was cheating, and planning on divorcing her, so when she signed the taxes, he had a notary there, and he slipped a GD in the taxes, and she had no idea that she signed it. I think the notary must have been in on this. So when he filed for divorce, she could not get half the house.

Reply by sue_pa on 10/9/07 5:24pm
Msg #215635

Re: "borrowers have their property stolen".

I tend to disbelieve stories like this (not your telling but the initial story). While I've got no idea what a deed looks like in CA, I'm betting it looks nothing at all like tax documents. Seems to me a person would ask their spouse why a complete stranger was sitting silently by as they went over their tax returns.

Reply by BrendaTx on 10/9/07 5:44pm
Msg #215638

Re: "borrowers have their property stolen".

**So when he filed for divorce, she could not get half the house. **

I had a similar discussion with an attorney recently...about conveyance by deed of community property prior to the divorce and the consensus was that it didn't matter that there was a conveyance deed handing over the property (as it pertained to community property) and that it could easily be proved up and the appropriate amount awarded to the spouse grantor no matter what.

In other words, slick maneuvering doesn't work.

I think that woman got some bad advice, or more likely, no advice at all. In a community property state the Grantee would need more than a deed to prove they were rightfully entitled to all the interest in the property if the property were community property in a divorce.

People think they are so smart using tricks like that but it's just like when people try to hide their assets so they can get on medicaid...it's not necessarily going to work...giving your property away by deeding it over to someone else so that you can get medicaid after you're a certain age will simply become a larger problem...a legal problem with the government after you.