Posted by Jack/AL on 10/31/09 10:44pm
Msg #309485
Good Intro to eSignings (eClosings) by Flagstar
http://paperless.flagstar.com/title has a great intro to the process, with demos and PDFs for printing. It illustrates the process for the Closing Agent and the Signing Agent (Notary Public). For the quick version as a Notary Public, click on the "Learn More" tab. Then, under "Training Videos," click on Signing Agent Demo (Video). After seeing the demo, go down to Helpful Links and click on Loan Signing (Simulation)(Video). Both are simple are easy to follow. You'll even get to enter information to move to the following screens, just as in a real signing.
For a little more indepth version, click on the "Get Started" tab. You'll see several PDFs under the titles Get Started, Training Material, and Helpful Links. They're all PDFs which show the flow through the process. For future ref, you can just print them.
Even though many states do not let us notarize online (with electronic notary signature), the process is still useful, for it allows us to print the documents which we'll need to notarize and ship, but also lets the borrowers click to confirm their approval (which serves as their signatures) on most of the forms.
Drawbacks: to do eSiginings, it's best to have a laptop with an air card and portable printer, so you can access the signing site and print docs at the borrower's home. The cost of the card and reliable internet service which covers your entire service area are expenses to consider. On the upside, (1) you'll not travel to the borrowers until docs are ready, (2) you'll not have as much to print and ship, (3) and your pay may be $25 or so MORE than normal. Printed docs will be shipped afterward, as normal.
I stumbled through one eSigning months ago, without the benefit of such a training aid, or even a brief on what to expect. Got through it OK, but a little help like this would have removed any difficulty and the worry about not knowing what I was getting into. I took no equipment, for the borrowers lived in a rural area where even my cell phone got no signal, and they had the internet connection and printer. They did not want a printed copy, so all we printed was 5 or 6 docs for me to notarize, as usual, and drop ship. The signing seemed simple and quick, but the length depended on how long the borrowers wished to read the docs. We started at 10 PM, so we were all anxious to quickly view each doc and finished in less than one hour.
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