Posted by Ilene C. Seidel on 9/19/09 7:51am
Msg #304347

E-Sign question?

Those of you that do e-sign (aircard and laptop) closings do you charge more then your normal fee since you have the expense of the equipment? I have a few companies who think I should charge less since I'm not printing the entire loan package. However my experience is there is usually 75-100 pages to print. I charge $25.00 over my normal fee due to the maintenance of the equipment.

Reply by MistarellaFL on 9/19/09 7:59am
Msg #304348

I still offer esignings, but I don't have an aircard, because I've learned through experience that
these companies will not pay more than $100-$125 for the service. I would have to charge $175, or have such a volume of esign work to make it profitable. The volume hasn't shown up yet, IME.

Reply by Vince/KS on 9/19/09 7:59am
Msg #304349

Plus $15 n/m

Reply by TRG_wy on 9/19/09 8:11am
Msg #304350

"I charge $25.00 over my normal fee due to the maintenance of the equipment."

Plenty fair to me. We are not supposed to be in business to just break even but to at least make a little bit of , dare I say, profit. Air time and equipment should set the base line.

A plumber is no good with just a single pipe wrench and an electrician is no good with just one diagonal cutter.

BTW, I have noticed nary no reduction in paperwork for an e-loan.

Reply by Michelle/AL on 9/19/09 9:25am
Msg #304353

Plus $15 . n/m

Reply by MW/VA on 9/19/09 9:37am
Msg #304355

I think the extra charge of $25 is fair. I did one the other day & there were only 29 pages of paper docs. So far I haven't seen enough volume to really warrant the additional expense. I use my Blackberry as a broadband connection ($15 extra mo.). It never fails--when I consider dropping it, I get a call to do one. So far only Amtrust & Flagstar are using esigning. If there are a lot of them going on they must be going to someone who is taking them for a low fee.

Reply by mwm143 on 9/19/09 10:17am
Msg #304358

Of the few that I've done I have always used the customer's home or office computer.

Reply by MW/VA on 9/19/09 10:21am
Msg #304359

That was the plan. They had a Mac & did not want to load the required IE.

Reply by Yoli/CA on 9/19/09 10:35am
Msg #304360

My fee for using my equipment is $25 over by regular fee. If I'm using borrower's equipment, then regular fee will do. So, Ilene, you're fee is very fair. IMO

Reply by A S Johnson on 9/19/09 12:01pm
Msg #304361

Thank you for this discussion. It is needed as this is getting started.
Among other new expenses, an air card for most of us is $60 per month.
Their are some cost involved in esigns.
With these two companies being the only ones currently doing this. The thinking is they will be able to get notaries that have laptops and air cards being use for thier own enjoyment and they will be able to get them to think they will be making out like a bandit with these low ball fees.
But the day is comming when Freddie, Fannie, other government agencies and mortgage wholesalers will require that the note, DOT and some other supporting in an electronic formate in NOT paper. At that point we see the fees increase.

Reply by John/CT on 9/19/09 12:16pm
Msg #304364

But don't hold your breath ...

remember, President Clinton signed into law authorization for "electronic notarizations", but not much is going on. Someday, it may be the "standard". For me, I'll wait it out.

Reply by L.G (Buc) Alboucq on 9/19/09 12:09pm
Msg #304362

missed documents

Missed getting signatures on three documents, one is the last page of the FHA application, one is the last page of the amtization schedule and one is third page of 101880.
They say that is these are not signed immediately will it hold up the funding,

Any ideas?

Reply by Yowheelz on 9/19/09 1:23pm
Msg #304366

Go back and correct your mistake at your cost

Fax the corrected copies then ship ASAP. Always, always double check your work. And I might suggest you buy a dictionary.

Reply by Linda_H/FL on 9/19/09 1:40pm
Msg #304367

Agree..go back and get it done immediately...

I'm curious what this has to do with e-signings?

Reply by Lia McGinnis on 9/19/09 1:56pm
Msg #304368

I believe you should keep the charge higher - it's double work - logging into the computer and printing documents for borrower to sign. There are signing companies only paying $85 for this (you have to print 65 pages and do the E-Signing). I feel the fee charged should be higher since you have to use your laptop and have a wireless connection and print - or notarize documents. Minimum Charge should be $125.00.

Reply by John/CT on 9/19/09 3:34pm
Msg #304372

Re: E-Signing

I would even go for more: $150, based on my own experience with the one I did for Amtrust/Gemstone ... using the borrowers' computer. Just too many hoops you have to jump thru, IMHO, for the kind of money offered. They've got a long way to go in simplifying the whole process. Until then, I'll continue declining the assignment.

Reply by Ilene C. Seidel on 9/19/09 4:50pm
Msg #304378

Thank for the input guys

Reply by BrendaTx on 9/19/09 7:44pm
Msg #304387

While we are on the e-sign questions...

Isn't it true that you still have to print and wet sign/notarize the security documents and other notarized documents?

Reply by Teresa/FL on 9/19/09 9:31pm
Msg #304390

Yes, that is true

All notarized docs are printed and wet signed.

Esignings do not include Enotarizations.

Reply by BrendaTx on 9/19/09 10:04pm
Msg #304391

Thank you Teresa. That was my understanding. n/m

Reply by JanetK_CA on 9/20/09 3:53pm
Msg #304408

Re: While we are on the e-sign questions...

I don't think there are very many counties set up yet to accept enotarizations - and, of course, that would require the notary to have enotarization capabilities. I believe Paul Williamson is working on a database of levels of electronic filing capabilities at counties around the country. I haven't heard how it's going, but I imagine that would be a daunting undertaking, and will probably take some time.

Reply by BrendaTx on 9/20/09 6:47pm
Msg #304412

Interesting, isn't it? n/m