Posted by DocumentDiva on 10/10/07 5:07pm
Msg #215852

eNotarizations - the future?

I just received this e-mail from MortgageDocs:

To our notary team:

We’ve noticed an increasing interest in eNotarizations from current and prospective clientele. eNotarizations are on the horizon, so it’s a great time to prepare for these loan signings!

eNotarizations will require a notary to purchase an Electronic notary seal (ENS) instead of the normal ink stamp or embosser. Electronic Notary Journals are also available in some states, but not required at this time. Currently the National Notary Association (NNA) offers these items for only a few states and plans to expand very soon to cover all 50 states. If you're interested in buying these products or would like more info, please click or copy and paste the following link into your browser:
http://www.nationalnotary.org/eNotarization/
We suggest that you research this subject further to discover the many benefits to you!

For those notaries who are already equipped with an ENS and/or have received training for eNotarizations, please res pond to this email with the details. Your SignSTAT profile will be documented accordingly, so our clients know you are ready to receive this form of work.

Prepare yourself now to be a leader in eNotarizations!

MortgageDocs.com
Vendor Management

I refuse to pay the NNA any more money so I hope more companies come out with the technology. What do you think?

Reply by asigner on 10/10/07 5:10pm
Msg #215853

Re: no that wont be necessary

because a notary will not be needed for closings. the title companies will handle them

Reply by asigner on 10/10/07 5:17pm
Msg #215856

i'm afraid our

only hope is state/county/parish authorities stepping in and not allowing this.
otherwise, our very near futures are scraps (meaning whoever may not have electronic means or education to get through the process), then there are some who will not feel comfortable doing it that way, (however, this nation is almost past the days of internet fear).

Reply by pan/nd on 10/11/07 11:10pm
Msg #216158

Re: i'm afraid our

"However, this nation is almost past the days of internet fear."

Wanna bet?

I'll be in the ground before e-notarization is legal in this neck of the woods.

Heck, in North Dakota...it's only been legal for stores to be open on Sunday for 10 years and bars to be open on Sunday for 5 years. Seriously!

And, you think e-notarization will catch fire here and burn brightly in the near future?

Not a chance.

People here wouldn't pay a nickel to get a $2 bill much less give the power of atty to some

title company somewhere to e-sign and e-notarize their loan docs. No way in heaven.

It may be the wave of the future.

But in Minnesota people remember it was the wave(s) that sunk the Edmund Fitzgerald on Lake Superior and took 29 lives.

Reply by Carmen/123 on 10/10/07 7:53pm
Msg #215879

Re: no that wont be necessary

Yes the title companies will handle them in house for there immediate area. Just like all of them do now anyway. But for all of their out of state stuff; instead of carrying all that paper we would just bring our lap tops. Fine by me but will we be able to charge them for all of this technology? I don't really fear the POA stuff because I bet that most borrowers are not going to go for that nonsense.

I saw on the news a few weeks back that our government has retired the electronic ballot equipment (that was used for our prior election and that cost us a fortune) and is going to bring the old ballot system back out of storage for this upcoming election. So what does this tell ya?

Carmen

Reply by Charles_Ca on 10/10/07 9:14pm
Msg #215891

...the Government is not good at pushing technology? ;)

Actually, from my perspective the push for a complete paperless transaction is coming from the banking community and not the consumer. I believe it is only a matter of time. The consumer is outcome oriented and will do whatever it takes to complete the transaction whether they like it or not. I knwo that there are a lot who disagree but that is my opinion froma perspective of a loan broker. Much of what loan brokers already do is completely electronic and the closing function is actually a problematic point in the transaction.

Reply by Gerry_VT on 10/10/07 9:22pm
Msg #215897

Re: no that wont be necessary

Carmen/123 asked what the retirement of (California ?) voting machines tells us about the future of e-notarizations. There are two problems that make e-voting difficult, only one of which applies to e-notarization. First, votes must be kept secret, which makes everything harder, and especially makes it harder to fix errors, since you can't ask the voters how they voted if a problem is discovered after the electon. Second, neither the voter nor a trustworthy organization* is in charge of the insides of the voting machine. In some e-notarization schemes, the signer signs on someone else's computer, so the signer has a right to be skeptical about the security of the other computer. Likewise, notaries sometimes have to trust some website to apply the digital signature for him/her, so the notary has to figure out if the website is trustworthy, or whether the laws in his state allow him/her to delegate that action to the website.

*I see no sign that the manufacturers of voting machines are trustworthy.

Reply by Laura Vestanen on 10/11/07 10:48am
Msg #215970

Very well said, Gerry. n/m