| There is a question about the UWM mortgage which was noted in the article. It really didn't say that a notary was not present with the mortgagors when they signed the documents. Judging by what the North Carolina authority said, a notary will be required to be present on electronic signings in order to comply with the appearance requirement of the state. Illinois is not a web notary state and I still wonder if a notary was present and if not, what the venue showed on the recorded mortgage and other documents that were notarized. Can the venue be shown as Virginia (or other web state) on the document, under the presumption that the signers were in Virginia "cyberspace" although they were physically located in Illinois. One thing present NSAs might be able to hang their collective hats on is the notion that until the state laws change, they will be required to attend the signing. Then again, will there be an adequate fee if they are notarizing a limited number of documents and are excluded from the rest of the loan package. I don't share Mr Ishbia's optimism that it will be "full web" by 2019. I think it will be a trend and some of the work will be done this way, but until the states change their notary laws, the work of a NSA will still be required. |
