Posted by Prime Processors, Inc. - Patrick Lawson on 10/11/07 1:01pm
Msg #216016

eMortgage News

Learn more about eMortgages at http://www.closingprime.com/forum/forum.asp?FORUM_ID=7

Countrywide Home Loans Partners with RealEC Technologies to Deliver Online Closing Platform9:29a ET October 10, 2007 (PR NewsWire)

RealEC Technologies Inc., the leading provider of collaborative network solutions to the mortgage industry, today announced it has entered into an agreement with Countrywide Home Loans, Inc., a division of Countrywide Financial Corporation, allowing Countrywide to use RealEC's Web-based closing platform for mortgage refinance and home equity lending transactions.

Through the new agreement, Countrywide has licensed RealEC's Web-enabled closing service and has integrated the service into its TS2 settlement services platform, which was built using the RealEC Collaborative Network Platform.

"RealEC is extremely excited, once again, to partner with Countrywide Home Loans to bring another innovative new industry utility to market," said Dan Sogorka, president of RealEC Technologies. "We believe that by deploying incremental pieces of an e-mortgage solution, all parties can gain significant process efficiencies and align business and technology paths with true electronic collaboration."

RealEC's Web-enabled closing service enables Countrywide to offer this new closing option as a convenience to its borrowers and have the resulting closing orders supported by its preferred title and closing providers nationwide. Countrywide's origination groups can place orders for the Web- enabled closing service with any title and closing service provider that is certified and available through the RealEC network. Those service orders then are fulfilled and completed through Countrywide's licensed version of the RealEC platform.

"Countrywide is committed to continually delivering innovative new services that offer more convenience and flexibility to our customers," said Richard Marron, executive vice president of strategic partnerships for Countrywide Home Loans. "The Web-enabled closing service delivered through RealEC's Collaborative Network Platform will deliver these important benefits to our customers while leveraging our existing investment in our core settlement services platform. We view this as an important step toward offering our customers an increasingly electronic mortgage-fulfillment process."

The service allows each title and closing provider supporting Countrywide to control the entire closing process, eliminating the need to coordinate with multiple third-party providers. As a result, the borrower may schedule the secure closing as early as possible during the application process. Also, since this closing session is Web-based, the borrower may participate from any geographic location.

About RealEC Technologies

Founded in 1998, RealEC Technologies provides supply chain management software, integration services, intelligent product decision tools, vendor sourcing tools and a robust B2B exchange for mortgage loan originators, real estate agents and settlement service providers. RealEC operates the RealEC Exchange(TM), the leading Electronic Partner Network (EPN) in the mortgage industry, and provides partner connectivity, automated vendor management, advanced data capture and document management services to more than 2,000 mortgage originators (including 17 of the top 20) and more than 13,000 service providers. RealEC's services enable lenders and their business partners to electronically connect, collaborate and automate their business processes to eliminate paper, manual processing and other sources of friction in the origination and servicing of mortgage loans. The company's products and services are designed to automate the origination, servicing, statusing and closing of real estate transactions and enable real estate transaction participants to significantly enhance their business by increasing operational efficiencies, improving customer service and generating new sources of revenue. RealEC Technologies has significant equity ownership from Fidelity National Information Services, Inc. (NYSE: FIS), Stewart Title Company (NYSE: STC), and LandAmerica Financial Group (NYSE: LFG). For more information, visit www.realec.com.

About Countrywide Financial Corporation

Founded in 1969, Countrywide Financial Corporation -- America's number one home loan lender as ranked for 2006 by Inside Mortgage Finance (Feb. 2, 2007) -- is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services residential loans. The company is headquartered in Calabasas, Calif., and has a workforce of more than 56,000 individuals and over 900 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com.

SOURCE RealEC Technologies Inc.

Reply by FLNOTARY45 on 10/11/07 1:06pm
Msg #216019

This is the FUTURE of our industry n/m

Reply by Prime Processors, Inc. - Patrick Lawson on 10/11/07 1:14pm
Msg #216020

More eMortgage News

e-Innovation Takes Root in Progressive Texas Town10:00a ET October 9, 2007 (Market Wire)

An innovative cast of individuals in a growing community of 27,000 just 50 miles south of Houston is quietly making history with same-day service in residential real estate closings and recordings.

A local real estate professional, lender and title agent all meet online via Stewart Title's (NYSE: STC) SureClose(R) to complete residential real estate closings -- allowing home buyers and sellers to receive their title policy, note and deed all on the same day as the purchase of their new home.

Stewart Title of Lake Jackson produces the title commitment and the closing documents using the AIM(R) title production system and SureClose. As the transaction manager, Stewart Title invites real estate agents such as Real Estate Plus broker/owner Donna Peiser, lenders such as Texas Dow Employees Credit Union (TDECU), and home buyers and sellers online to SureClose to see the status of the transaction.

"At Stewart Title we strive to provide the best possible closing experience by providing visibility of the process to all the parties, placing the accumulation of closing documents in a secure online-closing file and using our click-to-sign technology," said Stewart Morris Jr., president and chief executive officer, Stewart Title Co.

"We make the closing a celebration that is easy, fun and more understandable," added Morris.

In addition to SureClose, Stewart Title of Lake Jackson offers its customers the ability to close online using eClosingRoom(TM). Prior to the closing, buyers and sellers can go online at their convenience using their PC, and read and sign all their non-notarized closing documents in eClosingRoom. When they arrive at Stewart Title for the actual closing with the notary, e-signing the remaining documents takes about 17 minutes.

After closing, the closing package remains online and is submitted to the Brazoria County Clerk via Stewart's e-recording software.

"As long as I can close before 3 p.m., I can have the deed back before 5 p.m.," said Diane Ragsdale, branch manager, Stewart Title of Lake Jackson. "My customers are just blown away when I ask them at the closing table, 'Would you like your real estate agent to bring your deed by your home today, or would you like to come by and pick it up?'

"We are now able to offer same-day service, and our customers enjoy the process, too," said Ragsdale.

"We've been accepting e-recordings successfully for the past year," said Brazoria County Clerk Joyce Hudman. "For us, it has cut a four-step process down to one step. In addition, our filers know within 30 minutes whether their recording has been accepted or rejected and can make any corrections if necessary."

The crucial part of the equation was finding the lender who would be a part of the process. Stewart Title found that in TDECU, a financial entity with more than 100,000 members and nearly $1.2 billion in assets.

"I have an online mortgage application with a two-minute approval," said Loretta Williams, TDECU vice president of real estate lending. "Our members have the easiest access to their closing documents and can get with us prior to closing if they have any questions. People are busy and everything is moving toward electronic delivery.

"I am proud to be a major player in making mortgage loans in this area," said Williams. "We were proud to be chosen by Stewart to be their lender to partner on these totally electronic closings."

Donna Peiser operates her real estate business online through the use of SureClose. With SureClose, Peiser is able to provide her home buyers and sellers a new level of service with instant online access to status of the transaction.

Her office was one of the first in the area to use SureClose. "My buyers and sellers really like it and it makes it easier for me to get the deal done," said Peiser.

About Stewart

Stewart Title Co. and Stewart Title of Lake Jackson are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE: STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=588691 Embedded Video Available: http://www2.marketwire.com/mw/release_html_b1?release_id=307827

Contact: Ted C. Jones Director-Investor Relations (713) 625-8014 [e-mail address]

SOURCE: Stewart Title

Reply by Carmen/123 on 10/11/07 3:41pm
Msg #216056

Enough already!! Most of us are aware of this technology. It has been around for quite sometime. When companies start demanding this I am sure we will all do what we need to do.

~Carmen

Reply by Prime Processors, Inc. - Patrick Lawson on 10/11/07 4:17pm
Msg #216066

Well there are two types of technology. The technology that uses eNotaries and the technology that removes notaries (like the one now being adopted by Countrywide). So you see, you should be keeping on top of this stuff and supporting the eMortgage that uses eNotaries...or you might find one day that no companies are demanding anything from you.

Reply by Charles_Ca on 10/11/07 5:08pm
Msg #216076

Re: eMortgage News - It is my personal opnion that the

eMorgage that uses eNotaries is a device that the NNA wishes to use to extract additional funds from notary nopefuls. Just like the NNA keeps saying that there is a great unmet demand for notary signing agents. Unfortunately from the standpoint of the mortgage providers the move is to avoid notaries altogether. I am not saying this to start any flame war but that is just the prefered direction of the mortgage industry as I see it from the perspective of a mortgage broker.

Reply by Carmen/123 on 10/11/07 5:30pm
Msg #216089

Re: eMortgage News - It is my personal opnion that the

That is true Charles..but there always will be a need for what we do even if we have to come in hand with a laptop. Unless ALL the loans are going to be closed in the borrowers home area or done with a POA for out of state closings (which is what most of us all do) this is not realistic. (I don't see many borrowers going for the POA; giving a bad loan officer/broker a POA could be suicide) I am not against e notarization..to the contrary, I love it. No more paper, ink, etc., just a laptop and signature pad...But until I see the need for it. I am not going to panic. The NNA has been singing this same song for over 5 years. I have many notaries @123 tell me that they bought all of this equipment years ago and it is just been collecting dust. When I need it I will purchase it. I do often wonder however what the hiring agencies are going to pay for all of this technology.

Carmen

Reply by Charles_Ca on 10/11/07 5:39pm
Msg #216092

I don't wholly disagree Carmen, you make very valid

points. One of the porblems that I see is why is everyone thinking that the POA would go to a loan officer? If the POA would go anywhere it should be given to escrow. Escrow is the disinterested third party charged with providing an environment that is equitable to all parties concerned. I just don't get the POA to a LO argument. As I see it the loan docs wojld all be prepared and given to escrow to close, the POA wold be given to escrow to close the loan and the funds wold be given to escrow to fund same as it is now. There are many safeguards in place to insure that excrow performs their duty as required free of undue influence.

Reply by Carmen/123 on 10/11/07 5:52pm
Msg #216096

Re: I don't wholly disagree Carmen, you make very valid

What I should have said that I 'personally' don't see your average borrower willing to give ANYONE a POA. Limited or not. I have be doing signings a long time and most of them seem to appreciate a warm body and a face. It may be better/faster for the lender, et all but whether the borrowers will embrace this or not will remain to be seen. Like I said this has been talked about for many years now and this is NOT new. Many of us have been waiting for this to take off for awhile now...I am just glad I didn't hold my breath...

Carmen

Reply by Charles_Ca on 10/11/07 6:07pm
Msg #216103

Yet in fact we give power of attorney away every day, well

frequently anyway. The documents may not have "power of attorney" typed across the top but the powers that they confer are still the same. I have been a real estate and loan broker for over 35 years and I see people doing whatever they have to do to get what they want. I have seen the real estate business change from state to state and within the states over these years and commerce continues in the most efficient manner because that is the nature of commerce. Think about what we sign in the process of applying fro credit, at the bank, when we purchase long term items they all confer power to the holder and after all that is the abstract idea of power of attorney. Unfortunately most people get bogged down in specifics and don't see the overall picture, just because we put a name to something doesn't mean that that is what its name is. The term "power of attorney" actually describes an act and can be the name of a document documenting that act.

Reply by Carmen/123 on 10/11/07 5:11pm
Msg #216078

I do keep on top of this, no need for you to worry about that. With regards to Countywide if you are keeping up you know very they are in deep financial trouble borrowing from other banks, our government as well as laying off thousands. So I won't worry to much about what they are doing at this point. I see that you are selling the signature pads so I guess you have an agenda....

C

Reply by Charles_Ca on 10/11/07 5:42pm
Msg #216093

"Selling signature pads"? That is a very telling observation n/m

Reply by Prime Processors, Inc. - Patrick Lawson on 10/11/07 10:54pm
Msg #216156

Everyone knows what's going on with countrywide. So what? Chase is taking a two billion dollar loss as well. What is important about CW is that they are currently "the keystone" in the mortgage industry. As you noted, what goes on with them matters...for better or worse.

The simple fact is that the lenders would like nothing more than ALL third parties out of the transaction. That's current "independent" real estate agents, brokers, notaries, "independent" title agents, etc. That's business and no surprise. It's also no surprise that the immediate direction of eMortgages is going to be dictated by the notary.

To the benefit of NSA's you see the threat. Brokers are oblivious.

I do have a wholesale agreement with Topaz. That is not a secret. It saved me a lot of money when I purchased pads for my office. I have to publish retail rates, however anyone who has ever purchased a pad has done so off of the wholesale rate sheet, which I am not allowed to publish.

My "bread and butter" is contract mortgage processing. My agenda is the support of the eMortgage and I would like to see notaries and mortgage brokers play a part in the transaction...that prospect is growing dim.

Reply by Gerry_VT on 10/12/07 9:14am
Msg #216177

Patrick Lawson wrote "It's also no surprise that the immediate direction of eMortgages is going to be dictated by the notary. "

I'm not sure I understand this. IF notaries were given an opportunity to do true e-notarizations, and if, by and large, they ignored that opportunity, I suppose you could say that the notaries dictated a paper POA followed by an e-signing. (For jurisdictions that require that the POA be recorded with the mortgage/deed of trust, and provide the highest level of e-recording, the title company would be in the position of recording a mixture of paper and electronic documents.) But it isn't clear that notaries will ever be given the opportunity to do true e-notarizations (in any significant numbers). If there is no opportunity, there is no dictation.

The idea of buying equipment and/or special digital certificates just in case e-notarizations take off is a non-starter. It won't, and shouldn't, happen.

Reply by BrendaTx on 10/11/07 5:55pm
Msg #216097

**So you see, you should be keeping on top of this stuff and supporting the eMortgage that uses eNotaries**

The point is, Patrick, this is not new to this board. We are aware of what's going on with eNotarization and eMortgages. Do a search. You'll find you are bringing a duplicate of another Texas town which started eM's a long time ago at Stewart Title. Pretty much the same identical article except the names are changed to match the players in the county.

If you want to search and find it to add to all your blogs, I think it's Wichita Falls, Texas...that, or Decatur...can't remember which...maybe Wise County.

We can all get in a tizzy and run around wringing our hands or we can see in the future what the reality is. It will cost less then than it will now...and it's important to have the right equipment, not the beta version that has all the bugs.

Reply by JanetK_CA on 10/13/07 12:31am
Msg #216334

Not only that, what I take from this is that there has yet to be defined an across-the-board standard for this type of equipment. No one can say for sure if we will end up using "Beta" or "VHS" formats (so to speak). Or maybe I should say if "they" will... I agree with Charles that the likelihood is that this function, wherever possible, will be brought back in-house to the escrow co office - and that they will be the ones given POA. I suppose this might provide more general notary work for people who are looking to have a POA form notarized... I'm sure that will pay heaps!!! (Yeah, right!)

I did find it curious, though, that in the article about CW, there was no mention of how the borrower was to be properly identified.

Reply by Becca_FL on 10/11/07 7:11pm
Msg #216123

Thank you Patrick

I appreciate the fact that you pop in every now and then to keep us in the loop.

Reply by OR on 10/11/07 11:42pm
Msg #216160

Re: eMortgage-I have a question PatricK

I live in Oregon right now E-Notarizing is not allowed. I talked to the SOS and they told me today that they were not sure even if they were going to allow it. The other day I talked to someone at Encomia about this and she said that I could offer E signings and use a signing pad, print off the Docs that need to be notarized do my notarizing and sent them back to the title company. Is that something that we need to be thinking about here in Oregon? Looking at all the changes being made in other states I just was wondering your take on this. Thank you for all your advice.