Posted by SOCAL/CA on 10/9/07 6:28pm
Msg #215646

E-Closing link

http://abclocal.go.com/kabc/story?section=consumer&id=5697434

Reply by Dennis_IN on 10/9/07 10:15pm
Msg #215729

Interesting. How long do you think the closing will take with E-Docs compared with a "normal" package?

Reply by LindaM on 10/9/07 10:22pm
Msg #215730

I assume that $100 - $300 savings will be in signing agent fees? Anybody have any experience with this yet? They say it's in OC now.

I saw a note elsewhere that said once you've setup for esignatures, you can't use your rubber stamp any longer. Anyone heard of that?

Reply by JanetK_CA on 10/10/07 12:39am
Msg #215747

It's not the stamp, it's the journal. As you hopefully know, we can only have one active, sequential journal at a time, and one of the features of e-signatures is an electronic journal.

Reply by JanetK_CA on 10/10/07 1:07am
Msg #215748

What is wrong with this picture?

Oh, where to begin? First of all, this sounds to me like it could be a press release from the NNA. (Sadly, that's where a great deal of news comes from these days.) Expect the next bombardment / marketing blitz to be the sales of Enjoa and all the electronic requirements that go along with it.

But I see two problems with this overly simplistic description. First, are they implying that the borrower will not need to actually view the docs? They're just going to quickly go through the motions of signing on the wonderful little electronic pad, get their electronic thumbprint collected and be on their merry way? I think not.

And what else really goes away but the paper and a little bit of ink? Those are probably the cheapest elements of the whole process. It seems they haven't considered that the notary will have to invest what I believe is minimally an additional $500 - $600 (not counting the required laptop) to be appropriately equipped. (Actually, these rough figures are approximately two years old, and were a special one-time deal - and were from a source other than the NNA using different incompatible technology.)

Also, the only way I see corrections being made on the spot is if this process is taking place at the tc office - which is the most likely scenario for this anyway. For after-hours appointments, it's not likely anyone will be available to approve any changes. (It may also be more economically feasible for them, but you can be sure they will find a way to recoup the expense via some kind of borrower fee!)

Well, they're holding another class here in OC this month and again next month, so maybe they can convince all their new recruits that this is the way to go for $40 - $50 per signing... Wait -- if the borrowers are expected to save $100 - $300, I wonder what *new* fee levels they will be recommending for future NSAs???

For the record, I think some form of this is inevitable at some point, but I couldn't help but comment on what I see as distortions or inaccuracies in the article. And as always, this is JMO!!

Reply by Lee/AR on 10/10/07 2:00am
Msg #215754

Re: What is wrong with this picture?

Agree with your opinion. I suspect many others on this forum do also.

Reply by BobbiCT on 10/10/07 7:22am
Msg #215768

It makes perfect sense, IF

If the borrowers sign during business hours in the title company office - available to answer questions and the title company prints a borrower set after the documents are signed. The title company/lender can 1) make document corrections or changes during signing and 2) the borrowers get a set of SIGNED documents to read during their recission period.

If the title company uses an in-house Secretary/Notary Public. All the hardware, software, and "whatever" is necesary is a "cost of doing business" for the title company and a "business expense." The secretary/notary is on salary; i.e., a "fixed" expense. There is no conflict for the employee secretary/notary;i.e., just one component of the job and the cost is "fixed".

The national title companies have the deep pockets to purchase whatever is needed PLUS I am sure they will bargain for a "bulk" purchase discounted rate.

Since California already has eJournals, eNotarizations, and the last few years mortgage innovations started on the West Coast, California signing agents will know first how eClosings will play out. It could be that signing agents become part-time employees for a number of title companies, traveling to offices on certain days to "notarize documents." Or the mobile notary may be paid the State maximum fee for each "eNotarization," no extra fees for travel, printing, faxing, etc. Also, the whole loan document signing process could be done in a lender's branch office - again reducing the signing agent fee to simply "services as a Notary Public."