I wanted to start a new string for us..... I'm reading a lot of well written ideas from all of you and of course many of us are guessing at how it will go. This whole scenario of remote signings apparently has been kicking around for 5 years. There appear to be the 'usual suspects' .... FirstAm, Fidelity, NNA, blockchain technology gurus and creators, etc.
I think this is not going to be how 'They' planned. After reading a description of how the BlockChain will work in bringing about a single Remote Closing, it appears MORE people/entities are involved, not less.
The blockChain is supposed to start with a producer (LO) placing BO data and loan info into the first 'block' of the chain, the next entity is added (maybe the underwriter) at the request of the producer - however, that 2nd place entity cannot edit or change anything in the 1st block, but only his own block, thereby securing each block on the chain. I did see a block named 'Notary' added after Title, but what type of info we Notaries are adding wasn't shown...Notary appeared about 2-3 blocks from the end of the chain. |
