Posted by Les_CO on 4/16/08 12:02pm
Msg #243662

My first E-Closing

I just did my first E-Closing. What a PITA! The borrower had a beautiful computer (I called and asked if he had a computer, before I left) but it was an Apple Mac. (It had like a 32” monitor!) Unfortunately the (Amtrust) site will only let one access using IE6, so it was a good thing I brought my laptop. In my opinion the whole E-Closing process is a total waste of time. The borrower had to sign an additional 24 documents that I brought with me (88 pages) Signing a hard copy rather than an e-doc of the handful of ‘on screen’ electronic docs would have only taken an additional 3 minutes, and the borrowers would have been much more comfortable.

Reply by Teresa/FL on 4/16/08 12:16pm
Msg #243665

Sound like the lesson learned from this is to follow up the question "Do you have a computer that can be used to access your loan documents?" with "Is your computer a PC or a Mac?"

Reply by Kathy/ID on 4/16/08 12:38pm
Msg #243668

From the sounds of it, these are a waste of time. Hope you got paid extra for it.

I have never been asked on the phone to do a e-closing so I will not go to the extra expensive of a aircard for this.

Reply by DebbieT on 4/16/08 12:57pm
Msg #243673

Re: Ditto that Kathy

I am in no hurry to purchase a laptop. I am going to get one but because I have wanted one since last year and in a couple of months I will be able to do that. It would be nice to be able to check emails and such while I am out on the road. Especially when I have my feet kicked up in the recliner ;.)

Reply by snoopdogMs on 4/16/08 1:23pm
Msg #243681

1st e-sign

I closed my first e-sign last evening for a title company and it was a cake walk. I have another one this pm and hope it goes as well. This title company makes sure the borrower is capable with their computers as I do not have a laptop as of yet. Still in consideration (laptop purchase) as this particular title company uses my services regularly and I don't want to lose the account. It may pay for itself.

Reply by dickb/wi on 4/16/08 1:40pm
Msg #243684

i don't unnderstand what a mac has to.....

do with it...i have been on many macs that use ie to access the internet......

Reply by Les_CO on 4/16/08 2:52pm
Msg #243697

Re: i don't unnderstand what a mac has to.....

I don't have a clue about Mac's. The borrower had a nice new big one. He did not use Interner Explorer as a browser. He tried to download a Mac compatible version, he could only find an older IE5, and it would not work. We were very pressed for time as he had to leave, so rather than mess with it we used my laptop. It took longer to mess with the computers, and log into the site than than the closing should have taken. It was not difficult. But why have the borrower spend 30 minutes reading instructions, and loging in to sign 5 E-documents, when he has to sign 24 hard copy doc's anyway?

Reply by elk4us on 4/16/08 3:47pm
Msg #243701

Re: i don't unnderstand what a mac has to.....

IE for mack only goes to ver.5.2., you need 6.0 or better. Microsoft does not support IE for mac anymore.

Reply by Lee/AR on 4/16/08 4:07pm
Msg #243704

That really is crazy, Les...

Even if you were able to get on line in minutes...what is the point of this inconvenient-for- everyone technology? B spent 30 minutes reading instructions to e-sign 5 docs? I'd be very annoyed. How foolish!

Reply by Les_CO on 4/16/08 6:13pm
Msg #243736

Re: That really is crazy, Les...

These people were VERY computer literate. And smart. However, English is their second language, and they were a bit concerned about the safety/security of the process. They didn't know if they wanted all their info spread over the internet. So when the instructions said READ CAREFULLY!!! They did. I can explain a TIL, a Note, and a RTC in two minutes, and make the borrowers very comfortable while doing so. I don't know how long it would take you to read a couple of pages of instructions in Russian, but it would take me forever.

Reply by Kathy/ID on 4/16/08 3:19pm
Msg #243698

I have a laptop that I bought last year as I wanted one really bad. It has Vista on it, I do not have a aircard though. It has wireless built in as I have a wireless network at home that I surf and check e-mails on while reclining in my house.

I would use this computer for that, but if a company wanted me to do one then It would have to be either on borrowers wifi or on their computer. As until I get more requests I will not have the added monthly expense of the aircard.

Reply by Gerry_VT on 4/16/08 4:48pm
Msg #243707

Les, how did you connect your laptop to the Internet? Did you use Wi-Fi through the client's connection, or use broadband wireless from your service provider.

Reply by Les_CO on 4/16/08 5:58pm
Msg #243730

My laptop is 5 months old, I’m running Vista, it’s wireless, so at home I connect to Comcast (cable) via wireless router. I have 3 other desktops on a small network. I have a Sprint aircard but never use it. Luckily the borrower had Comcast (cable) so we disconnected his computer, turned off his modem, plugged in mine, rebooted his modem, started my laptop, and Comcast ‘saw’ my computer, and we were online. I didn’t buy the laptop to use for signings, and I sure ain’t going to lug a printer, or picnic table along with me. I just did this one ‘cause the SS didn’t know it was an E-Closing, until I had scheduled the appointment, and printed the docs. When they found out I said what the heck may as well go try and do it.(again last minute rush…late docs etc.)

Reply by MichiganAl on 4/16/08 11:25pm
Msg #243774

I did my first two today

Both AmTrust as well. What an absolutely ridiculous process. It easily doubles to triples the signing time. And it's completely silly that you're all huddled around a laptop trying to see and scroll through the docs. DUMBEST - IDEA - EVER.

Reply by Gerry_VT on 4/17/08 6:57am
Msg #243783

Re: I did my first two today

One of the claimed advantages of e-closings is the borrower can review the documents on his/her own computer ahead of time. MichiganAl, did your borrowers review their documents ahead of time?

It seems to me that for this approach to work, the borrower would have to be able to mark a document "reviewed" beforehand, and at the closing, verifiy there had been no changes since he/she reviewed it. The mechanism would have to be iron-clad. Fat chance the mortgage industry will provide this facility; it's all about them, not about the borrower.

Reply by MichiganAl on 4/17/08 11:40pm
Msg #243921

Re: I did my first two today

No, they were not given the opportunity to review the docs ahead of time. But even if they did, they'd still want to review it again before e-signing to make sure nothing was changed since they reviewed it. So you're still scrolling through everything. On the first appointment, we reviewed everything online page by page. On the second appointment, I decided to use the borrowers paper set to review everything instead. I thought that would go more like a regular signing and it would be quicker. But then when you go online, you still need to review those docs to make sure they match the hard copy docs. No time saved at all.

We should definitely be paid a higher fee for these signings.