Reply by Gerry from VT on 9/15/04 8:39pm
Msg #8043
I'm interested in this too. The web sites I've found so far are:
http://www.mismo.org/ An industry standards group developing standards for emortgages
http://emortgagealliance.us/ Another industry group that cooperates with mismo
http://www.encomia.com/ A company that writes software that implements software that follows the standards written by mismo; this company also partners with the National Notary Association.
http://www.ingeo.com/ A company that has written software to prepare, digitally sign, digitally notarize, and digitally record documents. The only kind of document available so far are lien releases, and it only works with county land offices that have installed their system. The counties so far are "Washoe (NV), Cook (IL), Milwaukee (WI), and San Bernardino (CA)" and several others that they don't name. To read more, in the "What's New" box on their home page, follow the "4 New Counties eRecord" link. They say they plan to add other kinds of documents.
My assessment of the overall situation is that only a tiny fraction of county land offices (or equivalent) are ready to record electronic documents, so it will be a long time before emortgages will be significant to the notary signing agents who tend to read this board. An in-house notary who works with a lender, real estate investment trust, or the like may have to worry about this sooner if these kinds of companies start exchanging notarized digital documents among themselves without involving the county land offices.
I'm an electronics engineer, so I probably know more about the computer aspects of this than I know about the notary or legal aspects.
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