Posted by kcg on 7/31/07 8:00pm
Msg #203110
Did Anyone Else Get This Today?
I'd like to know if anyone else rec'd this today and what is your opinion?
UPDATE FROM ALLIANCE TITLE & SETTLEMENT SERVICES
We are starting to expand at Alliance Title & Settlement Services and want to include you in the process. We have had a chance to work with some of you, and as we expand further, I am sure the others will be getting a called upon.
Something new, E-DOCS CLOSINGS ON LAP TOP OR COMPUTER: We want to make life easier for our customers and help the environment, at the same time. We are going to be starting this new procedure in a couple of weeks. I am not saying all the loans we will be E-DOCS, but we are hoping most will be. I am sure we will have some Customers that will still want a paper trail.
My questions to you;
Do you have an updated Lap Top for your business?
If not are YOU willing to invest in purchasing a Lap Top and what is needed to complete a signing?
And how soon can you be set up to do E-DOC CLOSINGS?
Does your Lap Top have a CD/DVD BURNER in order to make copies for the Client on a CD?
Do you have a mobile printer, just in case copies are requested?
In what if any areas that you cover do you receive bad connection with your cell phone? (This would create problems for wireless service.)
The advantage to the E-DOC CLOSINGS, first of all the most important is, most banks and financial intuitions are changing with time and this is the wave of the future. We want to be on the front part of this wave, why not ride the waves with us. If you are out of the office and you get a call, you will not have to go back to the office to print docs, save money on paper and toner supplies. Also remember most of you trying to catch the UPS before last pick up, now it would be just a click of a mouse, and you can send them on there way. In my opinion this is prefect for the MOBILE CLOSER. Being a mobile closer my self, I am thrilled to have this opportunity to ride the wave!!
Sandra (Sam) Morton
Alliance Title & Settlement Services Inc.
513 E Mckinley
Mishawaka, IN 46545
574-258-0501 or 0504 ph
574-258-0509 fax
| Reply by ToniK on 7/31/07 9:00pm
Msg #203118
This is "Electronic notarizations" right? If it is, I dont see many companies doing this. Also dont the States have to accept this and if they dont then that makes it less likely for you to recoup your money after buying all that equipment. Also would companies be willing to pay $350-400 base fee for a signing? Or are they still going to be pushing the $50-75 fee?
| Reply by Gerry_VT on 7/31/07 9:25pm
Msg #203121
ToniK asked if the states have to accept this. As far as digital notarization goes, that seems debatable to me. The federal E-SIGN law says electronic notarizations are legal, but some states have just ignored the issue, while others have created lots of rules that MIGHT be more restrictive than the federal law allows.
What is not debatable is that the states have the right to specify what format deeds and other documents must be in if they are to be recorded in the land records. So states can demand paper deeds with ink signatures as long as they want to. (See http://www.law.cornell.edu/uscode/html/uscode15/usc_sec_15_00007004----000-.html especially the passage that says:
". . . nothing in this subchapter limits or supersedes any requirement by a Federal regulatory agency, self-regulatory organization, or State regulatory agency that records be filed with such agency or organization in accordance with specified standards or formats."
| Reply by TRG_wy on 7/31/07 10:13pm
Msg #203132
Agree.
I said it three years ago and I'll be saying in another three years - "States are sorely lagging in the arena of digital notarizations and it is bottom line on their priority list for funding research, writing statutes and converting or implementing this".
Most states are way behind on updating current notarization, anti-fraud and everything else.
Not to mention the huge cost outlay for the notary and the petty fees agencies are already trying to force us to take. The other side is there still are very rural areas in this country without WiFi or even cellular coverage. We do not all live in urban cities with unlimited access to everything.
| Reply by Sharon Taylor on 7/31/07 10:06pm
Msg #203130
Major problems for outlying areas
A lot of the homes I go into have borrowers who are not computer or internet savvy or are basic users. Also, bad cell phone connections are a way of life here. I lost my beloved Nokia 5100i a couple of weeks ago, and I managed to get a Samsung flip phone from the local Verizon store. It is awful at my home location - dropped calls, calls that fade in and out, having to go out on the porch and stand very still in one particular spot in order to get it to work, etc., and it's the same in some of the outlying areas I cover that have spotty tower coverage at best. That is NOT going to work for e-closings. Cell phone reception is not going to be the only problem, either.
And at the price of a decent laptop, I'd want assurance I could recoup my investment of $1,000 or more by having enough e-closings to pay my expenses including a percentage of the laptop cost plus a reasonable net income over X number of months.
E-closings may work in large populated areas, but definitely not in the 10 rural counties I cover.
| Reply by Kate/CA on 8/1/07 11:11am
Msg #203198
Re: Major problems for outlying areas
Also we'd still have to print some if not all of the docs for the borrowers, so are they going to pay us for edocs, in addition to the e-notarization fee.
| Reply by goodgirl on 7/31/07 10:18pm
Msg #203133
I am in a rural area also, and my county DOES NOT even have a website, let alone the capabilities to process or record e notarization closings.
Someone mentioned about recouping their $1000 to get all this equipment together. My thoughts are that when this e-notarization BS really gets going, the fees will drop farther because these companies will tell us we're saving so much money because we no longer have to buy paper and toner and print docs. Our time is worth very little now. In the future, it will be worth nothing.
| Reply by Gerry_VT on 7/31/07 10:26pm
Msg #203137
Mobile notaries just a fraction of the market
The difficulties faced by mobile notaries trying to do e-closings won't determine whether the technology succeeds, because closings at banks, lawyer's offices, etc., which have good Internet connections, could still drive the technology to success, if it really is worthwhile.
| Reply by Charles_Ca on 7/31/07 10:53pm
Msg #203139
You are right goodgirl, but you guys forgot to even mention
that the Electronic Signatures in Global and National Commerce Act ("E-Signature Act" became effective on October 1, 2000, and will drastically change the way companies (as well as consumers) enter into legal transactions. Under this law, online "electronic" signatures on legal agreements or commercial transactions have the same legal status as a written signature, thereby altering the requirement under the Statute of Frauds and Uniform Commercial Code Article 2, which states that all transactions for goods over $500 must be in writing. I forget who the Nordic king was who thought that he could stop the tides but I suspect that those who evolve will continue to have business while those who can't won't. From my perspective I see an inexorable movement towards electronic documentation so it may be less painful to anticipate and embrace the technology rather than fight it.
| Reply by Lee/AR on 7/31/07 11:48pm
Msg #203140
Good points, but (here I go again)....
E-notarization at some point may be approved by every state BUT every dinky little county Recording office has to have the techie stuff to actually DO it. That's the fly in the soup that I see. E-signing may be just dandy for many other kinds of transactions, but when it comes to real estate, it all comes down to county level--not the state, not national. There are way more struggling-for-funds counties than there are dang-the-expense/just do it counties. Also there is the matter of 'a single universally-accepted platform' OR multiple ones that are all compatible--now & for many years to come. I am sure it will happen; the only real questions are 'when' and 'how many shooting stars will crash & burn' in the process... like 8-track tapes.
| Reply by Charles_Ca on 8/1/07 12:27am
Msg #203142
Re: Good points, but (here I go again)....
8-track, you must mean the 8 track cassettes. I have an Ampex 8 track reel to reel in my studio and it has the best audio fidelity you can get as well as the ability to lay down 8 tracks at a time with incredible seperation. However are you ready for Blue-ray? Technology marches on and we are not talking about a specific platform here but a concept. If you haven't read the Global Signature Act you might benefit from doing a Google search on it: at the very least it will be educational.
| Reply by Ndwa on 8/1/07 1:30am
Msg #203146
Re: Good points, but (here I go again)....
For as long as this profession exist and for those who has been at this many years, how do you think a loan can fund in less than 3 days with paper documents signed for a property in one state then all docs went back to a title company in another state then get them to record/fund? Yes, it's called "E-recording". I've talked to 3 different county recorder offices here in WA; ER has been in around for quite sometimes. E-signing & E-notarization is just around the corner. It's only take 3 seconds to sign a piece of paper by someone in office then there you have it.
It's not when and how the state/county will be ready, but conspicuously speaking, everything rest in the hand of those (lenders/TC) who wanted the new process implemented. Remember in real estate, "time is of the essence" and is money. Technology can easily resolve problems in a matter of minutes compare to days for an error on a piece of paper.
You can be late (not investing on the tech requirement now) than never, but when you do, remember no one is going to show/train their competitions when there's money to be made.
| Reply by Prime Processors, Inc. - Patrick Lawson on 8/1/07 8:20am
Msg #203165
Here is an eclosing in IN...I'm calling them now!
http://closingprime.com/videos/Indianapolis_eClosing.wmv
| Reply by JanetK_CA on 8/2/07 2:29am
Msg #203365
It's probably like how you eat an elephant...
I believe it will happen one bite at a time -- not with one big swallow, imho -- and not overnight. It will probably start in the metro areas with high percentages of cell & wireless coverage and tech savvy people, and spread from there, just like use of the internet. The big unknowns, I think, are what standards re: equipment, etc. will evolve and how quickly... But I agree it is coming to some extent.
| Reply by jba/fl on 8/1/07 2:41pm
Msg #203251
Re: Good points, but (here I go again)....
The way I envision it: for outlying areas there will be another process for those who do not get on as quickly, or can't There will be service individuals who will take the scanned docs w/all their security measures in force to satisfy state and county requirements, print on papers, take them to recording, then swear that they have not been out of their possession, blah, blah, blah...and a notary would a great vehicle .
Or local legal eagle will hold fund-raising for equipment that is state of the art so the county will get their updates and the legal eagle w/get a hospital wing.
| Reply by Dan Carr on 8/1/07 8:50am
Msg #203170
Goodgirl, Your time is worth what you are willing to accept. Learn how to say "no".
| Reply by CARID on 8/1/07 2:20pm
Msg #203247
This Title Company ONLY covers the State of Indiana. n/m
| Reply by Melissa Haley on 8/1/07 5:09pm
Msg #203278
In CT, it's not about the county getting the technology, but
rather EACH town/city (yes, all 169 of them) investing in it all. I could be wrong, but I don't see all of them lining up to purchase this equipment. In Bristol, recorded documents are scanned into electronic format, but one still must go down to city hall to access the records on the internal computer system. AND the records only go back so far...But that's only ONE city that has come this far with implementation of technology. It's still limited. You still must bring down a paper copy for them to scan after they place a barcode sticker on it. I sincerely doubt they will be printing paper copies for scanning at their expense...
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