Posted by Charles_Ca on 8/14/07 5:21pm
Msg #205537

FYI ~ e-Closing video!

http://closingprime.com/videos/Indianapolis_eClosing.wmv

Reply by Sharon Taylor on 8/14/07 5:42pm
Msg #205541

Note they were closing in a broker's office

The e-closing sounds great, and I'd love to try it, BUT note that the closing took place in a broker's office, not the borrower's home. That negates the in-home convenience, which is a big "selling point" of the Mobile Notary service.
The broker, I'm sure, walked both seller and borrower through the process.
Question: If the borrower does not have internet access or is not internet-savvy, is it likely he or she or they are going to be able to go online prior to the closing and review the documents? Is it likely the borrowers are going to be able to print off all the documents? I can't tell you how many homes I've gone into where the borrowers just have a computer that their kids mostly use for schoolwork with a cheap printer that is out of ink or almost out of ink. Saving to a CD is fine, but what if the borrowers are not adept at burning to CD?
This looks like it will need two office visits by the borrowers - one to do the preliminary work of reviewing the documents and setting up their e-signatures, and one to do the actual e-closing.
Hey, I am absolutely ready and willing to spend the money to enhance my current home office system to accommodate e-closings if borrowers will come to my office. And yes I would charge less since I would not have the time and expense of gas, driving, wear and tear on my vehicle. Fees would incorporate office overhead plus signing time and any necessary reporting to the lender and/or title company and/or signing agency.

Reply by Ndwa on 8/14/07 6:02pm
Msg #205543

This video is about a year old. It was around last October when I first saw it (right Brenda?).

Reply by Charles_Ca on 8/14/07 8:32pm
Msg #205566

Re: FYI ~ e-Closing video! You are right Andy...

there are new and more explicit videos on Stewart Title's SureClose site at:

http://www.sureclose.com/solutions.asp

Reply by Prime Processors, Inc. - Patrick Lawson on 8/14/07 6:09pm
Msg #205544

Here is a more updated video about the whole "eProcess"..be patient about 10 min to download: http://closingprime.com/videos/StewartMers.avi

Here is a video about Amtrusts program: http://closingprime.com/e-video.asp

The original eClosing model did not take mobile notaries into consideration. That was a mistake. My firm has worked with the solution providers to make the mobile notary a part of the transaction.

One meeting. The borrowers review the closing package online prior to meeting with notary to close.

Currently only works well for borrowers that have high speed internet and are slightly tech savy.

Reply by Lee/AR on 8/14/07 7:01pm
Msg #205550

In most 'docs to B' situations, it has been my experience that they have not even opened their doc package when I arrive. Is being able to see them online going to help that? I dunno, but kind of doubt it. To the borrower, this 'signing' is just a formality...sign a couple papers during a commercial...and, bam, it's done.
I just think that either dragging a computer into their house OR using theirs (75% of the time it's located in their or the kid's bdrm.) is just gonna be really awkward all the way around. Everyone crowding around a screen trying to see... How 'convenient' is that? The concept is great. Looks terrific in an office environment...conference table, nice comfy chairs, lots of room. It's the hard reality that concerns me.

Reply by Teddog/CO on 8/14/07 7:18pm
Msg #205553

Lee,You forgot the Pooch or Cat crawling all over you lol n/m

Reply by Linda Reigard on 8/14/07 8:24pm
Msg #205564

After speaking with some of the borrowers they told me that they would not like the computer. They want the hands on with the paper and sitting in front of a computer for about the same amount of time it takes by paper I don't think it is going to work that well with many elders especially. Did they actually say how long it took for the transaction to take place, I don't remember hering how long it actually took.

Reply by Charles_Ca on 8/14/07 8:52pm
Msg #205569

Might want to check this out...

http://eclosing.blogspot.com/

Interesting, in-process discussion regarding e-Mortgages from industry leaders.