Posted by John_NorCal on 3/22/08 9:33am
Msg #240247

Any one else get this email?

CA Notaries,
We have started closing Esign loans, for AmTrust Bank in CA. If you have a laptop computer and a wireless PC card for internet access (available through cell providers), or would be willing to equip yourself with these, we would like to know, so we can dispatch Esign closings to you. We have all heard this for a while, but I can assure you, it is here.

AmTrust Bank currently closes approximately 2500 loans per month in CA alone and over 10,000 nationwide. Almost 70% of these units are Esign eligible now. The fees for these closings will be the same as regular email set of documents, however we are only printing and "wet signing" the title/escrow package and the Deed of Trust/Mortgage. The rest of the package is Esigned online. Just to be clear this is not enotarization, the Deed/Mortgage will be notarized in the traditional fashion. I have included the instructions and training video link below. It is less than 10 minutes total. If this is something you would like to be a part of please reply via email after you have seen the video.

ESIGN APPOINTMENT CONFIRMATIONS:

When confirming the appointment, we should always ask the borrower if they have high speed internet access in the home,(CABLE/DSL). It is alright to sign on the borrowers home computer, as long as it doesn't inconvenience them in any way and they are amicable to using their computer. If this is the case there is no need to print a backup copy. We have the ability to print a hard copy of the docs as a backup. This will avoid us not having a hard copy of the docs if our broadband card does not get service.

****Our laptops are the first option. The borrowers home computers are to be used as a last resort********


I replied back asking what their fees are but all I received was a standard reply with no mention of fees. Any feedback on this?

Reply by Frenchie/TN on 3/22/08 9:45am
Msg #240250

was the video informative?

Reply by John_NorCal on 3/22/08 9:46am
Msg #240251

Haven't looked at the video yet. n/m

Reply by Dennis Larson on 3/22/08 9:53am
Msg #240255

Here is the link:


https://www.amtrustgemstone.com/MtgMktg/sellers/22_esign/flash/controller.swf

Reply by Dennis Larson on 3/22/08 9:55am
Msg #240256

Copy and Paste, (secure site) not clickable n/m

Reply by Dennis Larson on 3/22/08 10:24am
Msg #240260

This one is clickable


http://www.esignmortgage.com/flash/controller/controller.html

Reply by Frenchie/TN on 3/22/08 10:35am
Msg #240261

Thank you n/m

Reply by Linda_H/FL on 3/22/08 10:35am
Msg #240262

I got a similar one from a guy here in FL

who contacted me some time ago to join a totally mobile network, which I did - I signed up on his website and am in the database...he apparently marketed to this lender and, after contacting his notaries, he supplied them with the proposal that he had approximately 40 notaries here in FL willing to do e-signings. I watched the video and it looks easy-peasy and I'd love to do it, but he mentioned the secret word..."volume"....didn't mention fees. Although I'm in his database for standard signings I've never received one assignment from him...this would be the ONLY e-signing company for me and, based on his history of "volume" I can't justify the aircard cost right now. MHO and personal situation.

Reply by Frenchie/TN on 3/22/08 10:49am
Msg #240265

Does anyone use their Blackberry as a modem

I think you can connect your Blackberry to your laptop and get on the internet this way. I am not sure if additional fees are required in addition to montly BB fees. Has anyone tried this?
Eveline

Reply by John_NorCal on 3/22/08 10:54am
Msg #240270

Re: Blackberry modem and more......

I don't have a Blackberry. I've tried using my Moto Q but have not been successful. I plan on getting rid of this little "turkey" and buying a Treo. I've heard that one is easier to use as a modem. That would save me the expense of an air card.

I looked at the video, and everything seems easy enough to do. I wonder if any of the printed documents for wet signatures can be done on an ink jet since I have one that I use as a portable unit. Still the over riding question is how much to they pay? Guess I'll sign up and see, I can always turn them down if I don't like what I see.

Reply by Dave_CA on 3/22/08 11:15am
Msg #240276

Re: Blackberry modem and more......

Blackberry should work fine as a tethered modem to your laptop but a new air card should be faster. This assumes your network offers G3.
There will probably be an additional charge for a data plan but how much will again depend on your service provider.
In my case I already have text & email on my Blackberry for about $30. per month and AT&T tells me the necessary data plan would add $30. per month. I was assured my Blackberry would work and I would still be able to use the phone but it would be on their EDGE network. If I bought a new air card for about $50.00, after rebate, I would be on their faster G3 network. at least where it's available.

Reply by Shane_OH on 3/22/08 10:05pm
Msg #240334

I've used my Blackberry as a Modem....hate it..

I works, but it almost seems like Dial Up speed sometimes. Especially if you are indoors, and not in a Wi-Fi area.

I got so fed up with it, I bought an Air Card for my laptop....its much faster.

I'm with AT&T.....the Air Card was sooooo worth it.

Reply by Tony_FL on 3/22/08 11:21am
Msg #240278

Cellphone as modem

I currently have the Motorola Q and it is a very simple process for me to hook up to my laptop and use as a modem. I do it every once in a while if I am out and need to download email or lookup on google maps (if a wireless connection isn't available). The only problem is that while ONLINE, your capability to receive phone calls is OFFLINE. It's still a good process, instead of having to buy a separate wireless card.

Reply by Becca_FL on 3/22/08 4:23pm
Msg #240304

Re: I got a similar one from a guy here in FL

Linda,

Let me assure you, the guy that contacted you is calling himself a "network" but he is nothing more than a signing service. I'll give more details latter.

Reply by janCA on 3/22/08 10:52am
Msg #240268

It states in this letter that the fee will be the same as any e-doc signing fee. From what I have garnered from this video, this seems to be somewhat of a smooth transaction. The borrower has a choice of a hard copy or a CD and then AmTrust is requesting we fax back the docs that have been e-signed. I think that would be the point that would indicate to me that the fee I charge would tend to be over and above what I would charge for a regular e-doc signing. I do like this concept.

Reply by John_NorCal on 3/22/08 10:58am
Msg #240272

***The borrower has a choice of a hard copy or a CD***

That's what I see too. In which case if they want a hard copy a SA would have to go back to their laser printer (at home probably) and print that out??? That would make it a double trip. Or do one just save it as a pdf file to a disc and have the borrower print out what they want on their own computer. Then what if the borrower is not computer savvy?

I'm all for stream lining the process but not a the SA's expense.

Reply by janCA on 3/22/08 11:02am
Msg #240275

I would ask at the time of confirmation what the borrower's choice would be, especially if you are not totally mobile, as in having a printer hooked up in your vehicle.

Reply by Laura Vestanen on 3/22/08 11:36am
Msg #240280

Definitely charge more than just for an edoc signing

Reasons to charge MORE than for an edoc signing

The better aircards to add to your computer can cost $300 with installation

As noted on this board a week or so ago, airtime costs around $40-$50 a month. Plus you might not be able to access the internet anyway, depending on your area.

Faxing back docs is a pain and takes time.

Reply by Calnotary on 3/22/08 11:41am
Msg #240282

Re: Definitely charge more than just for an edoc signing

These have to be at least 150.00 dollars per closing from a SS. Verizon card costs 59.99 per month. I will need at least ten'
eclosing to cover the cost of the card, and on this lean times I don't think I will see 10 eclosings per month.,

Reply by John_NorCal on 3/22/08 11:45am
Msg #240283

Re: Definitely charge more than just for an edoc signing

Funny who the proponents of e-closings justify their position by saying, "but you won't have to print out an entire package." Just the title docs, and whatever else they can through in there. I'm on the skeptical side.

Reply by janCA on 3/22/08 11:46am
Msg #240284

Re: Definitely charge more than just for an edoc signing

Okay, maybe I haven't had enough coffee this morning, but why would you need 10 e-closings per month at $150 to cover a $60 per month card? What am I missing?

Reply by Teresa/FL on 3/22/08 12:00pm
Msg #240286

Your math seems a little fuzzy

If you charge an additional $20 per closing on top of your base edoc fee, you would only need three per month to cover your costs. Of course, that assumes you already have a laptop and do not incurr any other additional expenes related to esignings.

Reply by sue_pa on 3/22/08 12:45pm
Msg #240288

PROFIT

It constantly amazes me the amount of nonbusiness minded people on these boards. They 'feel sorry' for the borrowers, so they complete orders they haven't charged sufficiently for because the entire scope of the job wasn't disclosed at the time they accept the order; they take e-docs for $15. THEY FAIL TO MAKE A PROFIT ON EVERY FACET OF THEIR BUSINESS.

Until I stopped him years ago, every time I had my car serviced he topped off the windshield washer fluid - $1.00 every time. Many contractors double their material costs - because they expend their time and effort in obtaining those materials. Spent some time this week with my best friend the plumber - when I get my bill every piece of material he used will be charged for at the retail price - and I know for a fact that he buys lots of common materials at wholesale. My daughter is a pet groomer. She charged $4.00 to paint poochies toe nails - it takes her about 30 seconds and one bottle of polish covers A LOT of those little toes.

Do you really think on these edoc loans you are going to waltz in and sit at the table and immediately begin work? Clean up and set up time are going to take time - lugging your equipment to and from your office to the car to their house to the car to your office takes time - maybe only an extra minute or two but time. Better be sure you don't drop that expensive equipment or be sure it's secured in the car that if you slam on the brakes it doesn't fly off the seat or around in the trunk and need repair work. YOU are the one, at the very last minute remember, discussing with the borrowers whether or not they have hi-speed internet?

Reply by janCA on 3/22/08 1:19pm
Msg #240292

Re: PROFIT

Until one has done an e-signing and sees "exactly" what is involved, the fee will adjust accordingly if it isn't condusive with what is entailed (and each NSA has to determine for her/himself what that fee is to make a good profit). And until most NSA's get on-board to the e-signing since the industry seems to be going that way, those that are ahead of the game will be the big winners in demanding and getting high fees.

Reply by Teresa/FL on 3/22/08 1:43pm
Msg #240293

My post was directed at Calnotary

The poster was calculating how many closings per month it would take to cover the monthly aircard charges only.

I agree with you that you should take all business costs into consideration when setting your fees. Each of us should have a base fee established to which we add on for additional time/travel or services requested. When I am called for closings I ask many questions before quoting a fee so that I am not "suprised" by fax-back requirements or piggy-back loans when I receive the confirmation.

I am not operating under the delusion that eclosings will save me a lot of time, in fact they may even take longer than a standard paper-based closing. I have not performed an eclosing yet, although I do have all the equipment necessary so I will not need to incurr any additional expenses to do them. I certainly will not be offering any discounts off my standard edoc fee and may even consider an additional markup for eclosings.

After I've done of few and can compare the amount of time eclosings require vs. traditional closings, I may revisit my fee structure. For me, the time is the biggest factor since I do not need to purchase new equipment. The borrowers will have a big effect on the time issue, because if they are not comfortable with the process I do not see any time savings being realized.

Reply by Calnotary on 3/22/08 3:35pm
Msg #240299

Re: My post was directed at Calnotary

Teresa said "I have not performed an eclosing yet, although I do have all the equipment necessary so I will not need to incurr any additional expenses to do them"

I have all the equip. to do them but I haven't decide on which card, but I did not got all my equip. for free and I am assuming you are now paying the monthly fees and how many esigning have you done?

How many you will need just to break even, if I charge 20 dollars extra per each esigning(not that I am getting it) it will take a few signings just to recoup my investment.

Like you said or somebody else here, not until somebody perform an actual esigning and share their experience we will know if it really can be done for the same price of an edoc.

Thanks
and if I ever get 3 a month

Reply by Teresa/FL on 3/22/08 4:17pm
Msg #240303

I couldn't understand how a $60 increase in expenses equated

to a need for an additional $1500 in income (10 X $150), unless you would also need to purchase a laptop.

The math wasn't clear to me.

Reply by Sharon Taylor on 3/22/08 4:34pm
Msg #240306

Doubt there will be many esignings in my area

It would not be worthwhile to incur the expenses when there might be one or two a month, if that many. The majority of closings here are either in rural areas where even the best cell phone coverage doesn't reach or is spotty with no change anticipated in the foreseeable future, or the borrowers would be reluctant to trust an eclosing. They want real paper in their hands at the table. I'm taking a wait and see attitude for the next year or so and continuing to read and learn in the meantime.

Reply by Teresa/FL on 3/22/08 5:26pm
Msg #240309

Wait and see has been my position as well

My county is accepting docs for erecording, but it is really the document originators and title companies who are/will be utilizing this technology.

Since I live in a large metropolitan area, it is only a matter of time for esignings/eclosings to become more popular.

I have closed AmTrust loans in the past and expect to close them in the future. I am ready, willing, and able when the time comes.

Reply by Glenn Strickler on 3/22/08 7:18pm
Msg #240313

Is anyone out there actually doing any of these?

Seems simple enough. I can be mobile again if necessary, but since I am in a rural area with spotty cell service at best, I wonder if there will be a market. Of course, if the Borrower has broadband, then it's no problem. But broadband in not available in a good chunk of the area, so I wonder if it would work on dialup. And lastly, would a digital notary stamp be necessary . It did not look like it as the documents that needed to be notarized would be ink signed.

I am going to be a wait and see kind of guy, I was just curious if anyone is doing these with any reqularity.

Reply by Joan Bergstrom on 3/23/08 12:18am
Msg #240340

Just as a side note: if you need a new computer buy a laptop

Times could be changing. It will be interesting to see what happens. I got a letter from Placer Title 2 weeks ago and it seemed similiar in content.