Posted by SoCal Signing Co. on 7/16/08 11:25pm
Msg #255544

wondering

I wonder if anyone has started suiting up for e-signings.
I know a few months ago, I heard a lot of people say the expense was just a bit high with the current market.
have any changed their minds about that.

Lisa

Reply by The Notary National Signers on 7/17/08 7:26am
Msg #255552

Currently we are only doing point and click. In the near future, we will be rolling out our J-Peg program. Currently, it is not cost effective for most notaries to purchase one because of the low volume. we are looking into purchasing them for notaries and have them knock a certain % off each closing until paid for. This looks like the future of signings, but not enough volume to justify this expense right now.

Reply by Lee/AR on 7/17/08 7:33am
Msg #255553

Think the biggest cost factor is the monthly expense of the aircard, unless you use it anyway, it's just a monthly expense for something you may use very infrequently or not at all. This assumes you already have the laptop, etc. If not, the game is definitely not worth the cost.
For me, this area has waaay too spotty reception for it to be even worth thinking about.

Reply by PAW on 7/17/08 8:22am
Msg #255558

>>> For me, this area has waaay too spotty reception for it to be even worth thinking about. <<<

While our area has great coverage as far as cell phones and data signals go, the problem is that there is not a single carrier that has great coverage. It takes 5 different carriers to cover sparsely populated (e.g. rural) areas. Companies touting e-signings claiming there's ample coverage for signals isn't looking at the picture properly. The cost of wireless connection is high with any one carrier. All of them combined would be extremely expensive.

An interesting and informative article by the FTC can be found at http://www.fcc.gov/cgb/consumerfacts/cellcoverage.html which states:

There is no guarantee that your phone will work in an area, even if it is included on a wireless service providers’ published coverage map. Just because a wireless service provider generally advertises service to an area, there may be several reasons why the service is not reliably available in all locations. Although wireless service providers attempt to design their networks to eliminate dropped calls, busy signals, and dead zones, no network is perfect, so coverage breaks within the general coverage areas are still possible. Specific and/or updated information may not be available on maps provided by the wireless service provider, because coverage is frequently changing.

Reply by MistarellaFL on 7/17/08 8:33am
Msg #255559

I won't be investing in an aircard until I can justify the expense.
I do have everything else, and so far I have been able to use the brw's internet connection.
I do see this being the way of future remote closings, but I don't think it's going to be too soon.
Personally, I like doing these, and find them to be as easy as a paper closing.

Reply by 101livescan on 7/17/08 8:22am
Msg #255557

I've done one...couple of months ago. It was on a Sunday, in Santa Barbara, connectivity spotty, it took a very long time to accomplish clicking through the documents by both borrower and co borrower, we got through it, but it's the only one I've done so far, although I did get a call recently to do another one, only paid $100, and it was also on a Sunday, too much for too little, IMHO, especially with gas prices, and trying to get some rest on one day of the week! If the borrowers would come to my office, it might be worth the effort, where I have cable and don't have rely on the air card.

Reply by Vince/KS on 7/17/08 8:35am
Msg #255560

Yes - am ready

But, so far not worth the added expense of the wireless card (about $250) and $69 per month for two years. All needed software is in laptop and connects well in majority of service area. Research indicated the AC595U wireless "card" was superior in fringe areas with its antenna cord used.

Reply by Nomad/OR on 7/17/08 9:21am
Msg #255564

Where I live it's rural enough to where sometimes I need to drive a bit just to get cell signal. I imagine it's a great way to save on paper in the urban districts, but not here.

I'll need a heckuva lot more business to justify all the added expenses of a laptop and portable printer and wireless cards etc.. If the Borrower has satellite internet it could happen for me, but the closest cell tower is five miles away BEFORE I drive in the opposite direction.

Reply by Linda_H/FL on 7/17/08 9:58am
Msg #255567

Very rural here...and many borrowers

still have dial-up internet - can only guess how long a signing would take using that type of connection. Anyone around here with satellite internet has service that can disappear in a heartbeat as signal strength is based on clarity of the sky. Cell phone reception isn't all that great or reliable around here either..

And as many others, the requests so far don't justify the investment. Not to mention most borrowers I've discussed this option with have no interest in signing their loans strictly on the computer - they want paper in hand...

JMO and my regional impact.

Reply by SoCal Signing Co. on 7/17/08 10:42am
Msg #255574

What the concern is

I have a client who just informed me that they are setting up an e-sign office in their title company. (Stewart Title, one office)
Because too many notaries will not invest in the technology, to the monies will be theirs.

Do anyone here feel that this might be a way to make up the monies lost with the slow down,
If a signing agent is e-sign ready you will be ahead of the pack.
or not?

my office has a lap top and card for local signing agents to use.

Reply by John_NorCal on 7/17/08 10:53am
Msg #255575

Re: What the concern is

Like most everyone says, "the cost has to be justified." I have a laptop all I would need is an air card, which I can pick up at a moments notice, but is it worth it? The air card alone would cost me $59.00 extra per month for the service. Then it comes down to what is actually involved in the process and is the time involved going to justify the fee? I hear people saying that the ones they have done take more time than a paper signing. But yet I haven't heard of fees being increased to cover the time. I'm one who places a value on my time.

Reply by Linda_H/FL on 7/17/08 10:59am
Msg #255578

Agree, John, and to build on what I said

I could be e-sign ready and "ahead of the pack" very quickly - only the aircard needed here...BUT it's a worthless piece of equipment and the service offered is worthless if I can't get a signal...or if the signal is weak enough that it takes forever to connect, change pages, download, etc., etc....

In my neck of the woods (literally) there's a lot to be taken into consideration...and any title company has faster connect speeds so, yeah, around here they're gonna grab the niche...unfortunately. JMHO

Reply by Linda_H/FL on 7/17/08 11:03am
Msg #255580

One other thing....

From what I've heard, if we truly do still have to print hard copies for the borrowers and get wet signatures (which we still need here) and return ship docs - some companies even want the SA to continue to print TWO copies of the package just in the event of a technological snafu....we're accomplishing nothing in terms of expediting the process. If anything, we're adding additional unnecessary time to the signing process. MHO

Reply by Lee/AR on 7/17/08 11:25am
Msg #255583

Well, if B will come to me, I'm ready, too! n/m

Reply by SoCal Signing Co. on 7/17/08 12:50pm
Msg #255599

Re: Well, if B will come to me, I'm ready, too!

as a signing company I would be ok, with the borrowers coming to a SA office.

You have to come up with ways to say YES..
always say yes, for a reasonable price.
Yes some are offering more money,
you have to print Escrow, DOT, and Note

but we can pretend its not going to be widely used, but it is going to be used more and more.

Reply by MW/VA on 7/17/08 2:51pm
Msg #255623

Yes, I've been working on getting set up. I'm now "test driving" an aircard from AT&T $60/mo.) I have 30 days to try it & can cancel before the 2 year agreement kicks in. I think most companies have that policy. I do see the industry not only headed to e-signings (that's one co., that I know of), but e-closings. My area is very competitive & I need to keep up with the changes. The aircard isn't quite as fast as my Cable Internet. I know people who are doing away with DSL/cable & going strictly aircard.

Reply by Teresa/FL on 7/17/08 3:59pm
Msg #255633

I have all the necessary equipment, including the air card

and have done a few eSignings. You still have to print a FULL copy of the package which would be used in the event you experience problems connecting to the lender's website.

The wet signing portion includes the title docs, broker docs (if any), and any lender docs that need to be notarized (mortgage, etc.). This means you are printing about half the package in addition to the full package printed as a back-up or borrower copy. I have been paid the same fee for these signings as I would receive for a traditional edoc paper signing.

I live in a major metropolitan area, so my Sprint air card service is good just about anywhere I go. I have used my laptop for all but one of the eSignings I have done. For that one, the borrower wanted to use her own computer, but I had my laptop with me just in case there were problems with her computer or internet connection.

Reply by Linda_H/FL on 7/17/08 4:02pm
Msg #255634

Re: I have all the necessary equipment, including the air card

"you are printing about half the package in addition to the full package printed as a back-up or borrower copy"

Teresa...wouldn't you have to print out two full sets in case of problems? You'd have to use the borrower's copy and leave one with them...correct? Or did I miss something..

Reply by Teresa/FL on 7/17/08 4:09pm
Msg #255635

Re: I have all the necessary equipment, including the air card

You could print two complete copies, just to CYA.

I have not had any connection problems (yet). If I do, my plan is to use the full printed package for the signing and leave a digital copy of the full package for the borrowers. I always download and save the package on my laptop, so I would be able to burn a copy to CD for the borrowers or transfer it to their computer using my jump drive or email the file to them. I then delete the loan doc. files from my computer after the signing has been completed.

Reply by Margaret_FL on 7/17/08 5:52pm
Msg #255658

I have been ready for years. My wireless card and laptop has enabled me to do other work. My service is only $29.95 a month. I have been a t-mobile customer for 8 years and they have come up on the price but my plan remains at $29.95. I also just signed up for T-Mobile at Home for VOIP phone service. Just $10.00 a month. Having my laptop and wireless card has enabled me to do rush inspections and other rush jobs. I purchased an antenna for my wireless card on ebay for $30 and I am able to get my internet everywhere and in places I could not get reception before. It has saved me many times. Sometimes my GPS is wrong and I am trying to locate a foreclosure property. I crank up my laptop and do mapquest/google maps. Or to check the HUD website and bring up a picture of the property.