Posted by Linda Juenger on 3/6/08 10:03pm
Msg #238325

Navy Federal and e-signings

Did a short Heloc for Navy today. Borrower told me they tried to talk her into giving them POA and doing e- signing. They wanted her to do it "online" she said. She told them "NO". She wanted no part of it. She told them she wanted me, as I have done 3 for her in the last couple months. She said she wants to see a real person and see and sign the numbers on paper. I really think this is going to be a hard sell for a lot of borrowers. JMO

Reply by JK/TX on 3/6/08 10:18pm
Msg #238327

<<<<I really think this is going to be a hard sell for a lot of borrowers.>>>

I think so too. Especially for buyers/borrowers that have had prior closings with doc and loan term issues.

Reply by Stamper_WI on 3/6/08 10:22pm
Msg #238328

The esigning information I have seen involves electronic signatures with the notarized docs in paper form. The notary IDs them and fills in a field with their (the notary) name and id # stating they have properly Id'd them.
The first doc is permission for esignature and from then on each doc is signed with a click of the mouse. The . The docs can be printed or saved to PDF and emailed to the borrower or downloaded onto a disc. Really simple overall.

Reply by ME/NJ on 3/6/08 10:42pm
Msg #238330

Navy Fed HELOCs are one of the smallest packages around, I bet an e-closing would take more time then the paper close.

20-25 pages for a fed Navy package. I know its low pay but I would do them all day if local. In n Out 10 minutes...

Reply by ME/NJ on 3/6/08 10:44pm
Msg #238331

Plus the borrowers have the package already.. no print n/m

Reply by Becca_FL on 3/6/08 10:48pm
Msg #238333

I agree, Mike. NFCU are the only $50 closings I do and I do welcome them...at least w/i 15 miles.

Reply by Becca_FL on 3/6/08 10:46pm
Msg #238332

I think it goes both ways, Linda. I did a POA signing last moth for a couple that was looking forward to having the TC sign the docs on their behalf. The wife was young and seemed to be ill. It was kind of sad, but they were happy to pay me (found me via a google search) for my "at your door service."

In either case, we will get business.

Reply by BrendaTx on 3/7/08 7:39am
Msg #238352

Without any disrespect meant...

**I really think this is going to be a hard sell for a lot of borrowers. JMO**

Dream on.

You tell them they can save money, they'll be on board for having to get their legs and chest waxed to hook up electrodes for the new fangled e-signings.

Maybe not people like you or me...for sure not us...but there are a zillion people upside-down on home equity right now...being foreclosed upon...yada, yada, yada...they just want their Escalades and they don't care what it takes.

Reply by jba/fl on 3/7/08 8:22am
Msg #238356

Re: Without any disrespect meant...

I have to agree, and quite frankly, don't see all the hullaballoo about not wanting to do online signings. I would, in a heartbeat. I did most of mine online 3 years ago, just signed final paperwork in my home which was only HUD, final TIL, note, mtg, rtc. Everything else had already been done, so this signing took about 15 mins (because I knew what was going on already). Don't know all the particulars about how one would get copies of note, til, hud, but I would accept downloaded file on disc. Since this is instantaneous, receiving what one signs, what's the time frame for monkeying around with the docs? Also, I had docs day in advance online for complete review and O.N. signed copies in my possession before RTC up. Under those circumstances...yes.

Times are a changing - oh yes. Get on board...train has left...will you catch it?

Reply by Linda Juenger on 3/7/08 9:13am
Msg #238364

Re: Without any disrespect meant...

All good points.... It's not the esigning part, its the POA part that I am so leary about. I guess I'm not a very trusting person. This IMO is going to take some time for people to come to grips with. This borrower last night was 30ish and wanted nothing to do with it. She said "I'm not giving POA to anyone".

And.. I agree. I would do these short 10 min Heloc's all day for 50 bucks. Last night, I was in and out in less than 10 min and I was 1 mile from home. Easiest money there is. Of course, Navy doesn't want to pay any more for a Re-fi which I refuse to do. I can't get much more out of them than the 50 for anything.

Reply by Ndwa on 3/7/08 11:58am
Msg #238388

Count Citi in

Got a request the other day to notarize a POA two miles away, the guy said it was for e-signing of his Citi loan. Four signatures, easy money...

Reply by BrendaTx on 3/7/08 12:38pm
Msg #238393

My guess is that the POA is very limited.

It won't be a general POA, just a POA with a narrow scope.

Years ago the Texas Finance Committee recommended POAs for people who can't get into the title company or law office or bank branch for HELOCs since they have to be signed within those walls in Texas. I always thought this was .funny...the purpose of those signing venues is purportedly to cut back on predator lenders. But, then to ask the bwr to sign a POA to get the HELOC signed was just funny/priceless to me.

Reply by ReneeK_MI on 3/7/08 1:11pm
Msg #238397

the POA is very limited - Andy, did you read it?

I've yet to see one that's actually being used for this, but from what I've read - they are SO utterly specific - includes all the terms of the loan - I'm having a hard time seeing the risks myself, under those kind of specifics.

Reply by sue_pa on 3/7/08 1:54pm
Msg #238399

Re: the POA is very limited - Andy, did you read it?

I saw one not too long ago in an overngiht package. I asked the borrowers if they were asked to use it and they said no so I'm guessing it was just there by mistake. The POA had very specific clauses and the signers were to check which applied. One of the powers granted was to sell the property. Borrowers who would sign these should be VERY saavy. Certainly the largest vendor management companies and the largest lenders aren't in cahoots getting people to sign these willy nilly for devious purposes but one 'bad' employee could certainly do some damage.

Reply by Ndwa on 3/7/08 3:49pm
Msg #238412

Re: the POA is very limited - Andy, did you read it?

Nope, not my business but the POA looked very short (2 paragraphs?).