Posted by John Bouchard on 12/7/07 4:49pm
Msg #224939

What is an E-Signing?

and...what type of hardware do you need? Do you still print out a borrower's pack?

Reply by Ernest__CT on 12/7/07 5:05pm
Msg #224941

Please do not invest heavily in E-Signings.

Before making an invest ment of time and money, be sure that your state permits e-signings. Do NOT be taken in by the hype of a certain National nonsense Association.

Reply by Gerry_VT on 12/7/07 5:06pm
Msg #224942

There isn't one answer. A few things that might qualify:

1. Borrower signs paper power-of-attorney. Later, borrower reviews documents on a computer (with no notary present) and esigns them. The attorney-in-fact then signs any documents that need notarization on the borrower's behalf, and some staff notary takes the attorney-in-fact's acknowledgement(s).

2. Borrower signs recordable documents in presence of notary, notary e-signs the acknowledgement certificate, and they are recorded electronically. I think this has only happened a handful of times.

3. Borrower pays off mortgage. Lender must file satisfaction of mortgage document in land records office. Lender does this electronically. This is an attractive application because a few key offices can be identified that generate a lot of traffic, so getting it set up in just a few offices can make a big bite in the paperwork pile.

Reply by Charles_Ca on 12/7/07 5:19pm
Msg #224946

Re: What is an E-Signing? Additionally there are several

technological platforms vying for dominance and the future is still murky as to which will prevail. There are also additional technologies that are currently being developed including one where your cell phone is your e-ID device, this promising system is currently being tested with airlines in certain airports using your cellphone as your boarding pass and ID. I would not invest in anything yet but keep an eye on the developments. As much as many don't like the idea this is the future and some people will be dragged into it kicking and screaming! Above all don't buy into the hype of a certain national association!

Reply by Ernest__CT on 12/7/07 5:48pm
Msg #224950

They key words are ...

... "I would not invest in anything yet but keep an eye on the developments."

Reply by CaliNotary on 12/7/07 9:31pm
Msg #224982

As I understand it right now, at least for some companies, an esigning is where most of the docs are on a website, the borrower checks them off the a list and electronically signs (types in) his name. However, the DOT and some disclosures are printed and those are actually signed and notarized and returned to the title company. There's no electronic notarization involved in this process.

Reply by Laura Vestanen on 12/8/07 1:36pm
Msg #225058

Cali's right; POA to lender won't work for Reverse Mortgages

Seniors won't put up with this on Reverse Mortgages.

They - and their adult children - are already extremely wary of getting a loan against the nest egg. I doubt HUD would ever go for POA by lender signings. If there is any info about this and RMs, PAW probably knows it. Hopefully he will chirp in with comments.

Since Reverse Mortgages is the only growing part of the refi market, I am not worried about losing work to signings being done with POA given to lender.

Mortgage Accelerator Helocs will be growing in popularity over the next several years. Those borrowers tend to be financially sophisticated. They won't put up with a POA to lender, either.

The National nonsense Association can say all it likes about enotarization being the next big thing we NSAs dare not miss out on. I'm not buying their game. (Thanks to whomever who came up with that nickname. Love it.)