Posted by Mdene_AZ on 4/7/08 4:58pm
Msg #242539

Somebody! Please explain Web Signings n/m

Reply by FLdocrunner on 4/8/08 6:02am
Msg #242619

From what I understand so far

The notary would obtain a laptop computer equipped with what is known as an electronic seal (applied for through your Secretary of State department in your state) and a pad like the ones used to sign your name at pharmacies. The notary would drive to the borrowers with their equipment and set it up. They would then access the website where the documents are stored.

The notary would run through the docs as usual only instead of signing with an ink pen, the B/O would sign the signature pad, which in turn would add the signature to the online documents. The notary would apply the electronic seal (stored as password protected program on their laptop) to the document.

Title and Lenders would have immediate access to the signed and notarized documents immediately upon docs being signed and title could, in turn, send the documents to the county recorders office electronically to be recorded.

Hope this helps. Welcome to the not so distant future!

Reply by BobbiCT on 4/8/08 7:31am
Msg #242625

Please explain Web Signings ...

Even faster and easier. There are companies out there that pre-register notaries or just have the borrowers sign a power of attorney to the title company or loan officer.

Borrowers review documents on-line. Point-and-click .. all documents signed with a click or they can click each document at a time. Option 1: lender/title then uses Power of Attorney to wet sign, with witnesses and notarization, documents that point-and-click need notarization and/or witness. Option 2: The notary is pre-registered with the company. Drops in at borrower's home, adds his/her point-and-click notarization on borrower's computer and collects $5 or $10 per notarization fee plus mileage; i.e., the notary did NOTHING but notarize the documents.

Or, as above, notary signing agent uses van to bring all software, hardware, wireless Inet connection, supplies and equipment to set up in borrower's home. eSign documents, eNotarize and then print the borrower's set or, in some cases, the documents that may require "wet" signatures.

The concept has been around since at least 1999. Now there are just A LOT more companies selling the different products to accomplish this and, with profit margins dropping, the title companies and lenders are looking at ways to push their costs onto the subcontractors.

Reply by Gerry_VT on 4/8/08 10:43am
Msg #242643

Some technical details

Electronic signings are new, and several different approaches are being tried. There are two key technical requirements that must be solved:

1. The deed, mortgage, and in some cases, the power of attorney must be recorded at the land records office. Most land record offices cannot accept digital documents, so these must usually have wet signatures. In those jurisdictions that can accept digital documents, the system used for the signing must be the one, or one of the ones, accepted by the land records office.

2. The note is a negotiable document. This makes it different than all the other documents, because with everthing but the note, there can be as many copies as you want, and as long as they all say the same thing, all is well. But the note can be transferred from one holder to another, so there must be an electronic database of some kind that identifies who holds the original note, and the database must be designed to make it impossible to have two note-holders at the same time. This will probably require the notary to get on-line during the signing. If it were not for this requirement, the signing could be done off-line and the documents transmitted when the notary gets back to home base.

A way to avoid these complications is to do a paper notarization of a power of attorney naming somebody at the trust company; then the signing can be done by the attorney-in-fact that has whatever computer connections might be required.