Posted by 101livescan on 6/8/08 9:31am
Msg #250429

Any one out there doing E-signings

I accepted, and successfully performed, my first Esigning yesterday morning on a $1million refinance in town. It all went well with no hitches. I had the training about a month ago, and it involves having a laptop with high speed wifi connection. The borrowers click through accepting the critical documents, and before you attend the signing, you must print out 60 or so pages that need original signatures, DOT, TIL, RIDERS, HUD, certain affidavits and agreements which are notarized, then whish, they are transmitted via the internet to lender. Signed documents go via FEDEX and arrive next business day. I wouldn't do these for less than $125, as it takes longer to get connected and scroll through the various documents with two side scroll bars, more time consuming than signing all the documents. I got $150 for the assignment, was with the borrower for little more than an hour, and dropped documents at FEDEX. I'm glad it was the only signing I had in the morning, so that I didn't feel pressured...it is a very slick way to refinance property.

Not sure I would go out today and make an investment of laptop/wifi card, etc. just to do these signings, because I'm not sure how proliferate this lender will be everywhere. I think the borrowers must be internet and loan savvy to be able to accept this mode of signing/acceptance and transmission. I notarized three documents, DOT and name affidavits.

Reply by Lee/AR on 6/8/08 10:21am
Msg #250430

$150 would be acceptable as long as the Notary does NOT have to provide the equipment & continuous monthly expense of being wireless. Factoring that into the equation---depends upon your area as to whether it's viable or pointless.

Reply by 101livescan on 6/8/08 10:28am
Msg #250432

Like I said, I wouldn't go out there and make the specific investment to do these esignings, I am already wireless and laptop provisioned. I'm not sure how much work there will be in my area. I'm near several world class universities, the technology is the latest and greatest, SB is home to many high tech innovative companies, so this is pretty basic stuff for the Central CA Coast. Will it be the wave of the future, hard to say...I know that people still have a pretty firm distrust in internet, online banking, etc. and want a hard copy of everything they have signed. At least they can read it and store it, touch it, review it. In the end all full executed loan packages get burned onto a CD and electronically stored in perpetuity.

Reply by Tish/CA on 6/8/08 12:17pm
Msg #250437

What did the training involve and who was it with?

Reply by 101livescan on 6/8/08 2:02pm
Msg #250446

It was a webinar with a local title company, not the people I did the signing for, unrelated.

Reply by Jack Tri on 6/8/08 5:33pm
Msg #250457

101 Livescan i did one in a title office customer log on with personal info and i just click the boxs and i just did the notary like 3 if i went mobile would i need a lap top? because the customer would do the computer part before i get there?? so i would just do the notary?thanks

Reply by Jack Tri on 6/8/08 5:34pm
Msg #250458

and they click the boxs sorry not i typo

Reply by MW/VA on 6/8/08 8:39pm
Msg #250474

Thanks for sharing your experience. I know the e-sign business is showing up a lot of places. I'm trying to ease into it, because of the additional cost. I just found out that VA won't go e-notarization this year, as it has been delayed another year. I always keep in mind that the concept of "paperless" also means "peopleless". I'm gathering that this came from Amtrust (through the tc). They are recruiting tc's & notaries to get on board. Thanks again.

Reply by 101livescan on 6/8/08 9:30pm
Msg #250476

I think this is a special skill set with special tools...Instead of working for $50 to do this work, I think it commands $150 plus. I hope we'll all stick together and not waffle by accepting these for from $40-125. It's no cake walk, you gotta lug all your stuff around, and still lug a copy of the documents for the borrower and the copy that gets signed at the Etable and returned to the Elender. It is facilitating a quicker processing/funding/closing with the lender, and we're making it happen.

Reply by Teresa/FL on 6/8/08 10:06pm
Msg #250478

The broker takes a $250 hit if the loan is not closed as an

esign loan. If the borrower doesn't agree to the eSigning and insists on a regular all paper transaction, the lender penalizes he broker.

I think we're going to be seeing more of these as time goes on.

Reply by Teresa/FL on 6/8/08 10:08pm
Msg #250479

Oops! s/b "the" not "he" n/m

Reply by Jack Tri on 6/9/08 12:55am
Msg #250488

Re: The broker takes a $250 hit if the loan is not closed as an

Brokers NEVER take a hit they pass cost to borrowers always.

Reply by sue_pa on 6/9/08 7:33am
Msg #250502

...I think it commands $150 ...

so do I; however, unfortunately, there are so many LOW BALLERS in this business that's not going to happen. I read daily of notaries who think $100 for e-docs is a good deal. When faxed docs occurred 10 years ago the fee was $200. E-docs started out at $175. Look what has happened the past decade to fees. On another board in the recent past an IDIOT said she accepted $80 for e-signings - because she was semi-retired. I have blonde hair - what does either have to do with the fee charged?

Reply by Calnotary on 6/9/08 10:28am
Msg #250515

"an IDIOT said she accepted $80 for e-signings"

That is so true! I responded to a SS that wanted to know if I was capable of doing this type of signings.

Payment has to be way more than your edoc fee since it involves more work, time and a 60.00 dollar fee for the use of the wireless card per month. They responded that I will be paid 50.00 more than an edoc signing.

Reply by sue_pa on 6/9/08 7:30am
Msg #250501

e-notarizations and e-signings are different

Reply by Linda_H/FL on 6/9/08 10:01am
Msg #250514

Yep..and what's amazing is the number of people (instructors included) who don't know the difference and think they're one and the same..