Posted by Julie/IL on 4/9/08 11:13am
Msg #242806

Web enabled closings?

I noticed a few posts in here regarding web enabled closings through NREIS and I was a bit confused for a second. Then I realized that this type of closing was different from e-signings. We had accepted an appointment from LSI yesterday and on the schedulers email to me, they stated that they conduct web enabled closings as well. I'm not sure how fast this will take off, but if it does, it doesn't seem like good news for us signing agents. Any other info out there on this? If anyone is interested, the web address was www.closingstream.com

Reply by JohnnyB on 4/9/08 11:45am
Msg #242811

It is interesting to see the LSI executives dog and pony show on how great it is for everyone involved. They also like to harp on how it removes the great problem of notary errors. My guess is that they didn't anticipate the type of mortgage market we have now, and they are 5-10 years ahead of widespread acceptance. Web based closing are just another thing to cut the pie smaller for us.

Right now, LSI is going full steam ahead on this. I hear it from borrowers who declined this great service.

Reply by Julie/IL on 4/9/08 11:56am
Msg #242815

Hopefully borrowers will continue to feel uncomfortable in signing over POA to them. I know I would. And I'm also not sure what type of POA they need. They didn't get into too much detail about that part of the process. I guess we'll have to wait & see.

Reply by Cari on 4/9/08 12:00pm
Msg #242818

Julie, can you please PM me? Thx n/m

Reply by Luana Lonergan on 4/9/08 12:01pm
Msg #242820

The big issue here should be with the borrowers doing the signings over the net. Hello, how scary is that????