This is coming from the top...none of this has even the slightest thought about the notary, it's about streamlining and compliance for the lender. The mortgage system is pretty much on their phase 3 of getting all online, doc-u-signed and done remotely. Borrowers do not need to go to the lender any longer, all their documents are already done online, and this is the final step of closing the loan. Everything will be done instantly and funding immediately, no more waiting for docs to be printed and be reviewed and be in post closing. As soon as it's done, it gets funded. That is how they are saving $1,500 on each closing. Do you really think that when they put this together, they thought of that last detail of how they make it happen or us as NSA's? It's a minor blurp in the scheme of things that is going to happen one way or anther with some large lenders.
Now the details have to be sorted as if we go to them, if we and the borrowers need to show up at a place that has the system in place (title or realtor's office)...a digital signature pad, big screen TV to see what you are doing, laptop to plug it all into and work from,we still need to present the thing....the big question is how much are they paying us to show up, present and get it done?
I do not see this being for remote closings, we simply do not have the technology or security needed to get it done professionally. They will have to go to some sort of a professional setting that has this set up in place. My guess is a title office, where they still will print for those wet signatures, they will have the conference room set up (most do already) and we show up, sign in on our signature pads and off we go to work. Sure, no printing, no dropping a package, but the bottom line is "how low will you go" for this? Still will take just as long, if not longer if there is an issue with the package and things need changing. jmo |
