Posted by Tess on 7/11/07 4:10pm
Msg #199423

Reverse Mortgage - E-Docs

hat percentage of the over 62 group do you think would use the E-docs system. My experience with them all tell me they rather sign paper docs.

From National Mortgage News

WKFS Launches E-Docs for Reverses


In response to growing demand for reverse mortgages, Wolters Kluwer Financial Services, Minneapolis, is equipping lenders with a new line of electronic documents they can use to help comply with regulatory requirements tied to Home Equity Conversion Mortgages. A HECM, the most common form of reverse mortgage in the United States, allows borrowers aged 62 or older to convert the equity in their homes into income through a lump sum, monthly payments, or a line of credit offered by lenders. The WKFS line of electronic upfront disclosures and closing documents for HECMs allows lenders doing business in the top 10 states underwriting HECMs to create compliant document packages. The top 10 states are: California, Florida, Texas, New York, Michigan, New Jersey, Colorado, Illinois, Massachusetts, and Pennsylvania. The company plans to expand its HECM document line to other states based upon lender demand.

Reply by ML/PA on 7/11/07 4:20pm
Msg #199429

Based on the reverse mortgage jobs I have done I doubt too many will be interested in that. First, they usually are skeptical to begin with , afraid they are being scammed, and I can understand that. I know they always feel better to see a person and look them in the eyes . Second, a lot of them don't know anything about downloading etc. Sounds like a bad idea to me.

Reply by Tess on 7/11/07 4:26pm
Msg #199431

That’s exactly what I thought. I would have to wonder what research they did before deciding to implement this!

Reply by MikeC/NY on 7/11/07 4:45pm
Msg #199435

The way I read this is that they're supplying e-documents to the lenders so that the lenders can more easily create a document package - not that the documents will be signed electronically. What they seem to be saying is that they're creating a line of standardized HECM documents for each state, so the lenders don't have to worry about which disclosures and closing documents are required in their state.

If they meant electronic signature I would expect that the PR blurb would have gone into more detail, singing the praises of signing documents electronically.

Reply by Tess on 7/11/07 5:11pm
Msg #199443

Re: You may be right!

Mike,

It’s possible that is what they meant. Otherwise, it would be a waste of time. I don't see that it would make sense to market E-Docs to the older generation.

Reply by jba/fl on 7/11/07 10:44pm
Msg #199503

No, you may not be right!

I am that older generation of which you speak...I am computer literate, as are most of my friends and acquaintances. We download easily, then some of us take docs to you young kids who can't believe that we even know how to drive anymore or should be driving as evidenced by your horrible driving habits, etc.
We explain docs to you as you are refi-ing for the umteenth time using your homes as ATM's, never planning to even really own your homes.
I spent the first part of my life acquiring stuff, getting rubbermaid to store it so I could get more stuff, and now I am decluttering, which means I want my stuff in the smallest space poss. so that I have more space to wobble around as I totter through my house. Upside: less cleaning of 'stuff'.
Quit acting and talking about the older generation as though we are mere doddering old fools. Who do you think taught you? We have more time to learn and more groups willing to teach us as a hobby, thereby enriching our lives.
I'm done talking - you aren't listening anyway. Talk about preconceived notions! Hurmph!

Reply by Tess on 7/12/07 12:45am
Msg #199519

Re: No, you may not be right!

Oh, Stop your Hurmphing!

You and I know that there are statistics that prove that (most, not all) of the older generation do not like or fully use a computer. Now, I am no young chick myself and my husband is older still, but you know it’s true!

Reply by jba/fl on 7/12/07 1:06am
Msg #199522

maybe in PA, but in FL I see differently n/m

Reply by Tess on 7/12/07 7:06am
Msg #199536

Re: maybe in PA, but in FL I see differently

Julianne,

Sorry, but the below statistics back me up! Granted these are from 2003, and I am sure it is on the upswing as us boomers age, but there is still a big lag in computer use for the older generation.

http://www.census.gov/population/socdemo/computer/2003/tab05B.xls




"Fully 57% of Americans over 50 do not use computers. One third of the
entire non-computer population is women over 50....Fully 28% of those
over 50 who have college or graduate degrees do not have access or
need for computers, while just 6% of those under 30 with college or
graduate degrees do not use computers."
(From "Part 3: The Grey Gap."
http://www.pewinternet.org/reports/reports.asp?Report=21&Section=ReportLevel1&Field=Level1ID&ID=56

=

Seniors:

"Among adults aged 55 to 75, computer ownership is 30% and growing."
From "Seniors and Newbies Too," by Virginia Chilcote. MacAttitude.
http://www.macattitude.com/9904/seniors.shtml

Reply by PAW on 7/12/07 8:43am
Msg #199547

Re: but in FL I see differently - really?

Julianne, I too am in that "older" generation, and RM's are a mainstay of my business. I submit (no factual evidence to back it up, just experience) that IN FLORIDA (at least my area), at least 75% (probably more) of the folks that I have signed or closed reverse mortgages, do not own, do not want, and have no access to a computer. And many of those who do own a computer are computer illiterate. (This is not a derogatory remark. Just an observation.) Granted, there are a few, especially those at our age (btw, happy birthday in a couple of weeks) who are very computer savvy, but our parents, aunts and uncles, which are the ones who are prime for RM's did not grow up with computers and never needed them in the past and realize that they don't need them today.