Posted by Jack Tri on 5/26/08 5:41pm
Msg #248786
Bad News......click on video
http://www.lsi-fnis.com/
| Reply by NCLisa on 5/26/08 5:45pm
Msg #248787
ClosingStream has been around for over a year! n/m
| Reply by Dennis_IN on 5/26/08 6:11pm
Msg #248789
I believe it started in 2005
According to their info they have closed over 20,000+ loans since it's inception in 2005. So they've closed around 7,000 per year or 120 +/- per month. I'm afraid that with the tech savvy population of youngsters today will only lead to LSI gaining a larger share of the title market and that means less business for us. Just not sure how long it will be before we are forced out of the process? I know this topic has been addressed before but it IS creeping into the mainstream.
| Reply by MistarellaFL on 5/26/08 6:28pm
Msg #248790
Someone is still going to have to notarize that mtg/dot
And not all brws will be tech-savvy or comfortable with this platform.
I am not holding my breath quite yet.
| Reply by JanetK_CA on 5/26/08 6:52pm
Msg #248791
Re: Someone is still going to have to notarize that mtg/dot
Very true. And tech-savvy aside, some will not feel comfortable signing a POA giving the signing authority to the title co.
Also, is it just me, or was there some basic contradiction in what one guy said about closing his own loan. First, he said it only took 15 minutes, implying that it was faster than at the title co, then he said that more information was covered with the online method. Something doesn't seem to add up, unless the title co person was pretty incompetent...
| Reply by NCLisa on 5/26/08 7:42pm
Msg #248792
I've done several closings where the borrower
backed out of closingstream after having a POA delivered to them naming someone at the TC as their POA. ClosingStream is not a "big" as they thought it was going to be.
| Reply by Jack Tri on 5/26/08 8:28pm
Msg #248794
Re: I've done several closings where the borrower
That's Good News...i had my own courier business and the computer killed it with edocs.Now i see it coming in notary signing business..Hope for all it will Not...
| Reply by Susan Fischer on 5/26/08 9:43pm
Msg #248796
It became a long-distance business, and gave me a great
career, adding to a checkered past.
Personally, I prefer the old neighborhood banks, in a simpler time; eye-to-eye and arms-length negotiations, signatures and a handshake. The money stayed local and thrived or struggled as the local economy fared. There were fair taxes to provide social infrastructures for growth. Interstate commerce evolved with state and federal laws based on fundamental fairness. Now, a relative few mega-corporations operate globally, without our stare decisis, our body of jurisprudence to protect we citizens.
Going corporately global, now even foregoing a *wet* signature for contracts, may or may not be a great idea, but I felt alot better when the local banks 'owned' our houses, businesses, and farms; not Japan, China, and Saudi Arabia, for starters.
Would any of us "sign" a contract electronically? Pixels in cyberspace? (Who owns "Veri-Sign," and who owns that corp.?)
Anyway, we can join 'em or not, looks like. Transportation is getting really spendy, and the corporate bottom line is less cost = more profit. We're part of the cost.
When 'they' say a signature doesn't have to be notarized, then we're toast.
| Reply by BrendaTx on 5/26/08 10:44pm
Msg #248797
Re: It became a long-distance business, and gave me a great
**The money stayed local **
That bothers me about the notary business. That it doesn't. Coming from a blue collar union background--grandfather was a union electrician, and for many years my dad was a union truck driver, it makes me sometimes I feel like a "rat" or a "scab" crossing a picket line.
But it's just like after the Teamsters were dissolved where we were and Daddy had to cross picket lines where my grandfather and uncle were on strike. (Same company.) Times changed and people had to adapt to it.
Mobile notaries making it possible for another state's lenders to pluck out a great deal of business....we are part of the reason that local title companies and local lenders heard a big sucking sound in their bottom lines.
I am have served on economic development boards and I know what that means to a community. Yet...by the time I got into the business it was a foregone conclusion and a way of commerce. Big lenders went bigger and advertised on television and on the 'net. Hometown banks lost a great deal of hometown business.
I miss those little banks that didn't survive takeovers and sell outs...
LittleTown First National Bank
The LittleTown Bank of Commerce
In Texas the homegrown banks that survived and still thrive and show no sign of selling out are those that were originally based in a strong farming community. They still hang on.
Honest to goodness, the "First Bank of Snook" (Snook, Texas Pop. 568) has a growing base of customers, does loans and a branch here in the "big city".
Same thing for The First National Bank of Brenham. I could go on and on, but the German/Polish/Czech farmer populations in those regions seem to be a common theme with the ones I am thinking about.
| Reply by BrendaTx on 5/26/08 10:45pm
Msg #248798
Lotsa typos...time to go to bed. :) n/m
| Reply by Pat/IL on 5/26/08 11:27pm
Msg #248799
Re: Susan & Brenda - Both very astute posts n/m
| Reply by BrendaTx on 5/27/08 8:12am
Msg #248803
Pat...
You know...I have always been interested that the subject of how the SA has helped to take away business from local title companies and local lenders has not been discussed.
In fact, once, when I was new to this board I posted that supposition and mostly got blank stares back in return...one anonymous person said that wasn't the case.
| Reply by Pat/IL on 5/27/08 11:43am
Msg #248835
Re: Brenda...
It would be interesting to see how people perceive the evolution of this segment of the industry. In my opinion, greater understanding of how things developed could even help folks market more effectively to the local companies.
Here's the view from my perch:
When I started in the title industry in 1989, regional lenders were already buying up the local community banks. The trend steadily increased as technology allowed. As lenders consolidated and grew, the decision-making was moved from the loan officer on the floor of the bank to a committee in the back room. Then they were moved again to a back room in another state. And, finally, a computer in a back room in another state. I preferred it when the underwriting was handled locally.
As the lenders grew, it became increasingly difficult to maintain relationships with all of the vendors involved in the lending process. Smart people saw an opportunity to bundle those services (appraisal, title, credit reporting) and handle those relationships. They called themselves vendor managers. Eventually, several found that they could bypass the local title companies and handle the entire process remotely, in multiple states, with the assistance of local vendors (appraisers, abstractors, traveling notaries) and without the need for brick and mortar presence in each locale.
While many local title companies may consider the NSA to be a part of the problem, that being facilitating the success of out-of-state competition, and may harbor some bitterness as a result, I believe that notaries who are well-versed in the business can be an asset to the local companies nonetheless. Especially now, when many local title companies may have closing offices sitting empty much of the time, costing money to keep open, it may begin to make more sense to contract with independents to conduct the signings in other locations. Independents can also help the local companies to extend their reach beyond their brick and mortar locations.
My view of the history may be overly simplistic, and my guess about the local attitudes may be off target. Any other opinions to fill in the holes? Does historical knowledge increase marketing effectiveness?
| Reply by Donna LaBelle on 5/27/08 3:18am
Msg #248800
JUST WHAT DOES HE MEAN THAT THEY GET THE BORROWERS TO HAVE THEM SIGN AND GET THE PAPERS NOTARIZED FOR THEM?
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