Posted by Charles_Ca on 7/10/07 9:18pm
Msg #199279

Electronic docs and closings continued...

SureDocs at

www.alamode.com

announced that they have a fully GLB compliant documentation system in beta today. HP also has a new tablet that they are calling their Business Tablet that has a privacy coating on the screen and is designed to be used with documentation and signatures.

Reply by John_NorCal on 7/10/07 10:25pm
Msg #199291

Be that as it may Charles, how would you feel about borrowers reading every bit of verbiage from your computer screen while you sit and wait for them to finish? I just don't see how any of this will benefit the signing agent. Or am I missing something?

Reply by Charles_Ca on 7/10/07 10:46pm
Msg #199299

I'm not debating the issues, I am merely the messenger

I just want people to be aware of what is going on in an industry that directly affects the notary signing agent and over which the notary signing agent has little sway. The signing agent is at the end of the process and is a very small portion of it, I doubt that the convenience of the signing agent is foremost in the minds of originators or the escrow holders, or the title companies. Please don't kill the messenger. I think that awareness will allow those whose livelihood depends on the business to know what changes may be coming and to adapt if necessary. I will adapt to what ever system is utilized. I must say that I love my desktop origination, and desktop underwriting has helped streamline the process shortening the time span by weeks in some cases. I believe that forewarned is forearmed. If no one finds this information useful then just let me know.

Reply by John_NorCal on 7/10/07 10:52pm
Msg #199302

Re: I'm not debating the issues, I am merely the messenger

No daggers pointed at you Charles. The messenger shall live, so sayeth the knave. Information is the best weapon a person can have so thank you for that.

I understand desktop origination and underwriting aspects and I think they're great especially for the application and approval process. But speaking as a consumer I sure would want to have the printed product in my hand prior to making a commitment on the greatest asset that most people have.

Reply by jba/fl on 7/10/07 10:56pm
Msg #199304

Re: I am merely the messenger -

Does that mean we shoot you?

Reply by Charles_Ca on 7/10/07 11:15pm
Msg #199311

LOL, I guess, if that is what you wish :) n/m

Reply by jba/fl on 7/11/07 12:57am
Msg #199321

not at all - just an old saying I use a lot, esp. when bor.

gets all riled up about something...

Reply by ToniK on 7/11/07 7:27am
Msg #199327

Re: not at all - just an old saying I use a lot, esp. when bor.

Well I would think you can print a borrowers copy and let them look over it and when they are ready to sign, they will do it electronically. I doubt that we will just walk in there with a laptop and have them read off a computer screen.

Reply by John_NorCal on 7/11/07 8:51am
Msg #199338

Re: not at all - just an old saying I use a lot, esp. when bor.

Yes, but what if they don't have a printer, are not computer literate and you don't have a printer handy yourself?

Reply by ToniK on 7/11/07 8:04pm
Msg #199484

Re: not at all - just an old saying I use a lot, esp. when bor.

I would think it was similar to edocs. you get the docs before going to the signing and would have the option to print before you leave the house. I doubt it would just be that they send them and have the borrower look over it on the computer screen. but then again I may be getting ahead of myself, I would think someone have thought this process through.

Reply by Gerry_VT on 7/11/07 7:57am
Msg #199330

Consumer pro and con

If I were a buyer, seller, or borrower, an advantage of esigning could be comparing earlier versions of documents with the one I'm about to sign. Software (such as Microsoft Word) is available that will compare two versions of a document and highlight differences. So if I spent an hour reading a document two days ago, and everything was fine except my name was mispelled, at the signing I could use software to compare the two versions and see that the ONLY change was the spelling of my name. In another life, I used to do that at least once a week for changes to computer programs.

I see a definite disadvantage for the note itself. For background information, think of an all paper system. The note is a negotiable instrument, like a check. There is only one original note. In an all-paper system, if the note got sold to another lender, the piece of paper would actually be handed over to the new lender. In an electronic system, there has to be a secure system in place to keep track of who owns the note at any moment. But neither the borrower's home computer nor the notary's laptop is suitable to be part of such a secure system, which pretty much leaves signing the note on the web. This give the borrower the perception that the lender holds all the cards, which is an uncomfortable feeling.

Reply by Charles_Ca on 7/11/07 3:22pm
Msg #199408

Intersting comments Gerry. The check is a great analogy...

we now have e-checks and debit cards. Being from Maine I am sure that New England is still pretty conservative but here in california the debit card is king as is the e-check. We now can pay for things just by providing the account and routing numbers and the debit card makes it even simpler. I don't like credit cards but I love debit cards and it give me a record f my ependitures. I just miss the float !

Reply by Gerry_VT on 7/11/07 3:37pm
Msg #199412

e-note vs. debit card

I use debit cards too, but not e-checks. With a debit card, the merchant is distinct from the bank, you're only liable for $50 in the case of fraud if your the least bit careful about reviewing your statements, and you can limit the amount of money in the account associated with the debit card. With an e-note, that's a $150,000 rural New England house on the line (or around $750,000 if you put the same house in a nice Los Angeles neighborhood). Also, although the title company may be distinct from the lender, the typical borrower might have trouble seeing the distinction.

Reply by Charles_Ca on 7/11/07 4:08pm
Msg #199421

Re: e-note vs. debit card ~ I agree...

So it is with the digital signature: the signature is secured by a third party vendor. If you take a look at the biggest stumbling block to the totally electronic signing it is that the lending institutions are concerned with the longevity of the proprietary digital signature company. Unlike a real person a legal person does not die but the real issue appears to be if they will still be around if needed for verification as a result of an event during the life of the mortgage.