Posted by Mike Clark on 4/10/08 12:32pm
Msg #243034

Enotarization

As the industry continues to change, we must change with it to stay competitive. I have recently received a number of emails asking if I can do enotarizations and what my fees are. I am just now getting on the bandwagon of enotarization. I have been waiting to see if it would actually catch on and it seems as though it is starting to.

My questions are: Where can I go to find out more info on enotarization? When quoting a price for enotarization, do you typically charge more than a normal (paper) closing, or less? I do not want to price myself out of the market, but I do not want to leave money on the table either.

Reply by Linda_H/FL on 4/10/08 12:38pm
Msg #243038

E-notarization or E-signing?? n/m

Reply by Mike Clark on 4/10/08 12:45pm
Msg #243039

Re: E-notarization or E-signing??

Enotarization. Also, I am new to posting, what does n/m mean?

Reply by Teresa/FL on 4/10/08 12:47pm
Msg #243042

= complete message in subject line n/m

Reply by Gerry_VT on 4/10/08 12:47pm
Msg #243041

There are several bandwagons. The most important question is, what state are you in?

There is enotarization, and there are various forms of semi-e-closings with paper notarizations. If none of the land record offices in your area accept digital documents, it is impractical for you to do enotarization, but e-closings with printing and paper notarization of recordable documents is possible.

Reply by Mike Clark on 4/10/08 1:02pm
Msg #243051

I cover Ohio and Kentucky.

My most recent email was from LSI. They are talking about electronic closings. They referred me, in their email, to a website, www.esignmortgage.com.

I want to make sure I am ready for the next phase of the business. I want to make sure I have all the equipment, etc. to maximize my business. So if I get calls for enotarization, I can do those. If I get calls for eclosings, I can do those too. I want to capture every opportunity I can, especially in the slow market we are currently in.

Reply by Lee/AR on 4/10/08 1:29pm
Msg #243060

Forget e-notarization for quite a while. E-sign: you print some docs & get 'em signed like usual. At the B's home, drag your laptop in & use your aircard ($30-$60/mo. contract cost--assuming you can get service in your area--questionable if rural) for what's commonly known as the 'junk docs'; now fax everything you had 'wet' signed & overnight 'em back, too. What do you think this is worth? More than they intend to offer, imo.

Reply by Mike Clark on 4/10/08 2:18pm
Msg #243066

Sounds like a lot more work to me. That should easily add another $25-$40 more per closing. Has anyone done any of these "e-signings" before? What are companies typically paying for this type of service?

Reply by Margaret_FL on 4/10/08 2:20pm
Msg #243067

I have been told they are going to pay $90

Reply by Mike Clark on 4/10/08 2:30pm
Msg #243069

Thanks Margaret FL. that gives me some type of an area to start with. It seems kind of low. Of course, I have not had a company pay me too much yet, lol. I am sure that, like paper closings, everything is negotiable as well. I will probably start at 90 and see what happens.

Reply by CopperheadVA on 4/10/08 2:39pm
Msg #243071

Re: Enotarization fees

I believe $90 is very low and I will not be able to accommodate e-signings for this fee. My understanding is that we are to have an aircard, laptop, and ability to print the e-signed docs out for the borrower to have a copy (so bring your printer with you). Also, we are to have two paper copies of docs printed and ready, just in case of technical difficulties (inability to connect to internet, power failure, equipment failure, etc).

IMHO they need to paying $50 on top of my $XXX fee due to the laptop, aircard, and hauling the printer around. I'm not holding my breath, though.

Reply by ToniK on 4/10/08 2:44pm
Msg #243073

$250 for an e signing! if it requires all that stuff n/m

Reply by Tish/CA on 4/10/08 2:45pm
Msg #243074

Re: Enotarization fees

....start at $125, minimum.

Reply by CF on 4/10/08 2:48pm
Msg #243076

Re: Enotarization fees

I am not hauling in a printer for thier copy- they will need to figure that out form themselves. I will gladly give a copy of what I have printed- as for the online portion- the company will have to send them this documentation. That is REALLY pushing it- bringing a printer!!! Come on.....I have no problem with the lap top- used to present off a lap top before for small and large groups with the overhead...so that is not an issue and really is not much to bring in your briefcase with lap top in my opnion.

I like the $250 price....sounds good to me!!!!!!!!!

Reply by Mike Clark on 4/10/08 2:45pm
Msg #243075

Re: Enotarization fees

Oh, I didn't realize that. So, they want to contract us out for new, technologically advanced closings, yet be prepared with all the old stuff, just in case. That is absurd. It is kind of like doing 2 closings then.

Reply by JanetK_CA on 4/10/08 3:09pm
Msg #243079

Re: Enotarization fees

"...new, technologically advanced closings, yet be prepared with all the old stuff... It is kind of like doing 2 closings then."

Sounds like that to me, too. And for less $$, on top of it. Something doesn't add up with this scenario.

Reply by Mike Clark on 4/10/08 3:14pm
Msg #243080

Re: Enotarization fees

That is the way it is looking.

Reply by Sandra Clark on 4/10/08 3:18pm
Msg #243081

Re: Enotarization fees

Borrower's esigned docs can be saved to their computer, sent to them by email from the lender, put on a disc or the lender will send them a paper copy. They get the choice. Docs do not have to be printed by the Notary at the signing. FWIW

Reply by Mike Clark on 4/10/08 3:24pm
Msg #243083

Re: Enotarization fees

I guess it may depend on the title company and lender too.

Reply by LKT/CA on 4/10/08 8:59pm
Msg #243142

$175 is a good place to start, JMHO

From what you described - lugging & setting up equipment, fax backs, getting wet signatures, and shipping the docs - the e-sign would be worth at LEAST $175

Reply by Wendy Omiotek on 5/10/08 11:51am
Msg #247019

What companies are doing e-signings in California?

Reply by Mike/AZ on 4/10/08 9:43pm
Msg #243148

I have yet to be asked to do an e-notarization OR even an e-signing.

Personally, I'm not even going to invest in a laptop (much less e-notarization equipment) until my phone starts ringing with these requests. Just my humble opinion, of course.

Reply by Dianna Hanson on 4/11/08 9:36am
Msg #243199

Re: Enotarization-NEW ROLE: TEA

I have a laptop with a wireless Internet card. I also have a gadget that detects how strong the signals are in the area I am in. This great to be able to go into a hotel lobby, coffee shop, sandwhich place, office, my home, signer's home, etc. to be able download and print or even do an e-sign without having to worry about the connection failing or not being there. My model is low end with just the basics of what I need to only do my notary tasks: OS, Adobe Reader, EFax, MS-Office, Internet Explorer---no personal information or games are on it. Its a business tool that enables me to be more marketable.

I have about an hour and a half to go to complete the NNA's ENS Course and order my E-Seal. I put it off as there has been no demand or calls for this type of signing. I started the course while recovering from some surgery last fall and just haven't made the time to complete it.

FOOD FOR THOUGHT:
Something interesting has popped up for e-seal requirement. NNA is offering a free course and certification to become "Trusted Enrollment Agent"[TEA] to its Certified and Background screened Notary Signing Agents. The assignments will come from NNA and its RX Companies requiring their lab persons to obtain e-seals! The process is starting with hard copy docs sent via e-mail or fax, but the course is stating that the requirement will go to the TEA being ENS. It's another avenue to use the Notary! This is also encourging me to go ahead and finish the ENS and get my E-Seal as a couple of assignments would pay for it. There are several companies in my area (Ft Worth/Dallas, TX: Pharmacies, Government Defense Contractors, etc.) that are requiring their employees to be able to have their professionals send, receive and handle electronic documents---why not get paid to ID persons seeking electronic ID creditials?!?!

I don't like it that the e-seal has to be renewed every year and wish it was either every other year or match the Notary term.

I have no need for an e-journal as the notary entries have to be in date order. I have priced a eletronic signuture pad to attach to my laptop. MicroCenter in Dallas, TX has a brand for $100. If the free version of Adobe Reader does not receive a PDF file that has enabled you and the borrower to "sign"---there are also alternative software packages that will allow you to open and sign the e-sign docs for approx. $100. Again, MicroCenter has a software pkg brand for under $100. I got a program that can perform the e-signature/seal tasks for FREE from EFax when I upgraded my eFax services to the $19/mn program EFax offers.

Reply by Gerry_VT on 4/11/08 5:45pm
Msg #243238

Signature pads are evil

"Signatures" that just consist of whatever the signer wites on a pad, put into a document as an image, are a terrible idea. They provide no security. Some people, including NNA's Enjoa system, use some kind of signature dynamics system which not only records the shape of the signature, but the timing of the pen movements, and possibly the pen pressure. Vendors of such systems claim that a new signature can be compared to an old one and forgery detected, but whether there are really experts out there who can actually detect forgery, who knows?

I would not count on a signature pad from one company to work with software from another company. If you have five pieces of software that rely on signature pads, you might need five different signature pads.

Whatever digital signature software you obtain must be compatible with what the person or company receiving the signed document requires. For example, if the recipient only uses Acrobat and you send a Word file (yes, Word files can be digitally signed) the recipient won't be happy.