Posted by jnew on 11/10/09 11:24am
Msg #310515

Electronic closings

Anybody know how this is affecting the traditional wet signature signings that we are now doing? Will this trend replace the work we are doing eventually? Also, I have been asked to perform electronic closings with a laptop and broadband. This is an extra expense since I do most of my business on my home computer. They don't let you charge extra for this type of closing. Is anyone seeing increased profits by doing these? Thanks

Reply by Sandra Clark on 11/10/09 11:30am
Msg #310516

I haven't seen a surge in this type of closing in my area. Have only done 4-5 this entire year. I also will not spend the dollars for an air card - not worth the expense to me. Have the lap top but the borrower must have the internet connection. Hasn't been a problem.

Reply by Linda_H/FL on 11/10/09 11:47am
Msg #310519

"This is an extra expense since I do most of my business on my home computer. They don't let you charge extra for this type of closing. "

They don't LET you?? If it's increased work and increased expense to you then it most certainly IS a higher fee - and it's not what they LET you charge, if what YOU determine your fee to be as a business owner.

As far as I know, wet signatures are still required, so far, in most states for recorded docs and all notarized docs - so you still have printing IN ADDITION TO air card fees and additional time required. I don't believe 100% e-signings are in effect anywhere...but I know someone will correct me if I'm wrong (and TIA)..

MHO

Reply by Glenn Strickler on 11/10/09 12:10pm
Msg #310521

"They don't let you".

I charge extra and if "they" don't want to meet my fee, I don't do the work.

Perhaps it will eventually replace conventional signings, but I don't think it will be soon, expecially in rural areas.

I have been called to clean up a couple of electronic signings botched by the "bargain" notaries. So charge more and stick to you fee, provided you do an excellent job. They will pay it as there have been a lot of issues with notaries not completing the assingnment correctly.

Also, I have not invested in an air card or the service. Not worth it at this time.

Reply by Tye Goetz on 11/10/09 12:33pm
Msg #310526

Re: "They don't let you".

Just got my first one today 150 Nice huh.

Reply by davidK/CA on 11/10/09 12:48pm
Msg #310529

Tye, be sure to let us know how it went. n/m

Reply by Marian_in_CA on 11/10/09 12:51pm
Msg #310530

Re: "They don't let you".

Yeah, "They don't let you..." got me, too. we are our own businesses, nobody "lets" me do anything or limits my fees except for the SOS.

There is a growing demand for eclosings... the problem is that a lot of notaries simply aren't willing to go to the expense (and rightfully so) of having the technology on hand to do it in areas where it is possible. It *IS* less expensive to process this type of loan for everybody EXCEPT the notary signing agent. You'd think they'd pass along some of the savings to help us out. Nope. In fact, several of them insist on REDUCING the fee because we are "using less paper". Hah.

I don't think that esignings are going to ever take off until there is a universal method for electronic notarizations... which is somewhat prohibitive for the mobile notary. Not impossible... I am set up to do them myself... but I have to carry with me this little Bamboo tablet so that we can physically sign the document. I have an electronic seal that I got from here at NotRot. I love it. I've used it a couple of times now where documents were emailed to me, we signed and I sent them back... all via email. Each of these times, I was sending them to/from attorneys with people who were in the hospital and documents needed to be filed right away. Obviously, this doesn't negate the need for personal appearance or journal keeping. The signer still physically signed my paper journal..


But.... and this is a BIG BUT... I'm very comfortable with technology and I can handle document prepwork far more than most notaries would even be expected to do. I have this equipment because of my work as a virtual assistant. By nature, I'm a mobile worker... so it's easy for me.

If electronic closings could go entirely paperless, then I think it would be easier to get people on board. The problem is that too many of the docs need an ink signature, and most notaries wouldn't know how to utilize an eseal, even if it were legal in their state. There just is no easy way to do it without the notary having up to date technology... and let's face it.... notaries are about as low-tech as it gets.

Personally, I'm saving up to buy DigiSign Pro, I think, with a biometric signature pad. This will let me keep an electronic journal.

I do think that esignings and enotarizations are becoming more popular. The problem is that notaries are the ones that won't adopt it.... and for good reason... because the cost is too much for most. For me, it's a bit different. It's not cheap... but I already have the equipment and training that make it easier.

Reply by Glenn Strickler on 11/10/09 4:28pm
Msg #310551

Excellent points, Marian

If and when it becomes a situation where I am losing money by not having an air card and the service to go with it, I will jump in. The esignings I have done, the client has had high speed and all but a couple have had a wireless router. I carry 50' of cat-5 in a reel with me just in case I have to plug my laptop in. Lack of an air card has not been the issues, it's been the fees the SSs have been offering. Not going to do it for the same old price or less.

Of course, at my age, I probably will retire completely when my wife is old enough to retire and hit the road while we are still young enough to do it. That will probably happen before I am forced by market conditions to get an air card.

Reply by Michelle/AL on 11/10/09 12:56pm
Msg #310531

Just a couples comments/suggestions:

1. I charge extra for eSignings. So far know one has given me any trouble about it. I think they are happy to find a notary signing agent who is ready, willing and able.

2. There's been a lot of posts on this subject, here on NotaryRotary. If you search for "esignings, eclosings, electronic signings" I think you'll find a lot of helpful information, including fee suggestions, training info., etc.

Good luck.

Reply by Ilene C. Seidel on 11/10/09 1:17pm
Msg #310534

Not enough work to substantiate expense. I've have laptop and air card for over a year and am thinking to canceling aircard.

Reply by Ilene C. Seidel on 11/10/09 1:19pm
Msg #310535

Furthermore the esigns I have completed have 75-over 100 pages to print. E-sign is not serving a purpose paper printing is not reduced. And I do charge an addl $25.00 for e-sign.

Reply by snoopdogMs on 11/10/09 4:58pm
Msg #310562

1 e-sign last evening, 2 for tomorrow

I have a title company that keeps me busy and needs my services also for e-signs. The card was worth the $79 fee just to be the go to person for this particular company. I wanted ALL their business and did not want to risk losing any just because of the air card. It pays for itself and keeps me in the front line for their jobs.

Reply by Michelle/AL on 11/10/09 6:46pm
Msg #310580

Yep. I turned one down for tonight.

Hated to do it but just couldn't fit it in.

Reply by snoopdogMs on 11/11/09 8:15am
Msg #310635

Should have said $59, not $79 for Verizon aircard. n/m