Posted by Alz on 12/29/09 5:38pm
Msg #316015

Did anyone receive the invite

for the Webinar based on RESPA Reform for Notary Signing Agents from one of the SS/TC? A colleague told me about it.

Reply by gcn3 on 12/29/09 6:54pm
Msg #316027

I got this today. It was from Titleserv n/m

Reply by Linda_H/FL on 12/29/09 7:03pm
Msg #316029

Interesting twist on the concept...not really an e-closing

as we talk about it...

"How does it work?

Titleserv obtains permission to sign loan documents on behalf of the borrower via a Limited Power of Attorney. This removes the need for a borrower to be physically present at the closing.

On the date of the eClosing, all parties involved will join an online eClosing session and phone conference with one of our qualified eClosers. Over the course of the session our eCloser will review the loan documents with the borrower, displaying them onto the borrower's screen, just as if they were all sitting together at the closing table.

After the eClosing session, executed loan documents will be emailed to the borrower within 2-3 business days. These documents will also be available online."

Reply by Alz on 12/29/09 8:46pm
Msg #316039

Are you serious? LOL.... n/m

Reply by Linda_H/FL on 12/29/09 8:57pm
Msg #316042

Me? Yes..I am

Under the scenario I quoted from their website there's no need for a signing agent. They give POA to lender, after reviewing in teleconference with borrower, lender signs all docs, including the security instrument, and all is done...

No call for notaries to go meet with borrowers at all - all done through lender (or title if they so opt)...

Unless I'm reading something wrong in there..but I quoted from their website..

LOL

Reply by JanetK_CA on 12/30/09 12:00am
Msg #316066

Are you sure it's the lender & not the tc/escrow that signs?

I can't believe anyone would allow the lender to sign their loan documents for them. What a potential conflict of interest!! At least the escrow officer has the fiduciary responsibility to be a neutral party. I guess some would fall for it, but there is absolutely no way I would ever allow that personally!

Reply by PAW on 12/30/09 7:43am
Msg #316078

Re: Are you sure it's the lender & not the tc/escrow that signs?

Not only have I seen the lender (LO) have the POA to sign for the homeowner/buyer, but I've seen 'interested' others as the AIF: Real Estate Agent, Title office manager, children and parents. Personally, I would never allow anyone, except in rare and extreme circumstances, to act as my AIF on a real estate transaction involving my personal property. (Commercial property situations excluded.)

Reply by BrendaTx on 12/30/09 10:47am
Msg #316094

Yep. Paul's right.

The Lender's lawyer, too.

Reply by JanetK_CA on 12/30/09 11:29pm
Msg #316184

Wow! Amazing that people would agree to that...

...especially after all the publicity about lender actions over the past few years. But then all too often, people do tend to have very short memories.

Reply by Linda_H/FL on 12/29/09 9:02pm
Msg #316043

Additional from their website - they're bypassing

the signing agent...note it addresses the requirements for the *borrower's* computer.

"In order to qualify for Titleserv’s eClosing Program, your borrower's computer must meet the following minimum requirements:

High Speed Internet Connection
Internet Explorer version 6
Screen Resolution of 1024 x 768
Adobe Flash Player 7
JavaScript Enabled
Cookies Enabled"

Reply by Linda_H/FL on 12/29/09 9:05pm
Msg #316044

Alz, I'm going to apologize...

This was something I came across in researching the website.....I apologize for hijacking your thread about the HUD/RESPA webinar....took me by surprise and I went WAAAY off track..

I'm sorry.

Reply by Alz on 12/29/09 9:10pm
Msg #316046

Please...don't worry about. It happens

to us all. In fact, it happens to me more often than I care to admit. (;

Reply by Linda_H/FL on 12/29/09 9:19pm
Msg #316048

Thank you...still fuming about their e-closing

concept though....heh...and I don't even work for them!!

Reply by Alz on 12/29/09 9:31pm
Msg #316049

It is an "interesting concept". At least from

a technology point of view.

Reply by CopperheadVA on 12/30/09 6:02am
Msg #316074

I didn't receive the invite, but after reading on this thread what it's about (lender/title has POA for borrower and they sign while going over docs via teleconference and on computer with borrower) this rings a bell. This brilliant idea has been around for a couple of years now. It was to be the latest and greatest way to make things "easier" for the borrower and save money, too. One thing they didn't count on: Borrowers are not comfortable giving their POA to someone they don't know - they want to sign their own documents. Will Titleserv do a few closings this way? Yes. Will it become the norm? I doubt it.

Reply by Todd/OH on 12/30/09 8:17am
Msg #316083

I received it and pitched it n/m

Reply by Jim/AL on 12/30/09 11:11am
Msg #316097

I agree, I saw this technology about a year and a half ago and got slightly worried at the time. Has not caught on that I know of and not much we can do if it does. I still think most folks prefer a human in the room to explain things.

I know I would want to see and sign my own docs.

Just another wave of the future that will not get much use.