Posted by lennyk/fl on 7/18/05 5:20pm
Msg #52963

Closing Stream/ FNF LSI Just wondering?

I did a search and only found one message thread for this software solution for lenders. I went to the companies web site and I read about their software. It sounds great for them, bad for us. But I am wondering what would the licensing fees be for companies that employ this software? Expensive if you ask me. It seems great for lenders but it also takes the personality out of the process. It also really doesn't eliminate the need for a third party. It just shifts the burden of getting documents notarized to the borrower and the shipping portion to them also(our Jobs). I am new and have only done several dozen signings but to me and the nice people I have met I have been the only human contact they have ever had regarding this process other then phone calls. Also this would require you to have Internet access to complete. The statistics posted by many sites states that still only about 50% of America has Internet access and only about 60% of Americans have computers. As a Full time educator both with secondary grade students and as an Adult Education instructor in computers the majority of America can turn them on, play solitare and access the web and some email. The descriptions that I have read may require people to do more. I am just wondering. Anyone?

Reply by Melody on 7/18/05 11:33pm
Msg #53018

You are right to be alarmed.

LSI is part of Fidelity National - one of the biggest 4 title company chains in the US. LSI used to give several signings a week a year ago. Some were ING loans. Loved 'em.

LSI loves me. If they get my voicemail, they hold the signing for a few hours until I call them.

When I ask why they don't call as often as before, they say they just don't have much work in my area. Now I know why. Yikes!

LSI / Fidelity cutting out the NSA is a very, very bad sign. The borrowers will just go to their local MailBoxes Etc store and get the one document notarized. Then drop the FedEx/UPS package off at the store for shipment. I have done a few of these "get your own notary" signings that turned out to be Wells Fargo or WaMu loans.

ING is LSI's first customer for this no-NSA service. I think ING's clients will easily go for this new method of loan signing. ING has very good customer service and their clients know they can rely on them. ING's customers are well-off and sophisticated. Thus they are usually computer savvy.

If the other big lenders go for this type of non-NSA closing, we NSAs are in deep trouble.