Posted by jnew on 2/9/10 9:19pm
Msg #322159

Computers for Esign

I am about to add esigning to my notary business. Any recommendations for laptops to use?

Reply by JulieD/KS on 2/9/10 9:23pm
Msg #322161

What is the minimum dollar amount you are going to charge?
I have a new laptop and will probably get the aircard in April....and am thinking my minimum fee for an esign will be $150. What amount do other e-signers charge?

Reply by John Charles Gober on 2/9/10 9:39pm
Msg #322164

Have you decided on who your esignature CA will be? I need a new one and am not happy with the NNA program or choice of CA. Most of the ones I have checked out have been cost prohibited considering most of my work is done pro bono.

Thanks.

JCG

Reply by JanetK_CA on 2/9/10 11:22pm
Msg #322169

Apples and Oranges

There's a difference between "esigning" and "enotarization". The latter is the one being promoted by the NNA. There are no generally accepted standards yet for e-notarizations (i.e. using an electronic journal.) There is a good bit of info here if you do a search for "esign" or "esigning".

Reply by Ilene C. Seidel on 2/10/10 1:27pm
Msg #322246

I charge $150.00 for esign

Reply by Jessica Ward on 2/10/10 12:29am
Msg #322171

I've not done any e-notarizations yet, but I have done electronic signings for mortgage docs. All the legals are done with paper and ink and all the disclosures are just reviewed and "clicked" on the laptop.

I considered a netbook for this but haven't purchased one for notary work (we do have one at home though), and I'm glad now that I didn't. I have a large but lightweight laptop with plently of perhiphials. I carry with me a "bamboo" pad (pencil and tablet) and a mouse and I get my broadband with a tethered connection to my blackberry (Thanks to someone here at NotRot for the tip about the tetherberry app).

I've only been asked to do a handful of closings this way and for some reason it is always with senior citizens who really aren't wildly comfortable with the electronic docs or the laptop and it's touchpad mousing system. Some aren't computer users at all. As a result I carry the "pointer" (WACOM's BAMBOO) which is like a pen/stylus, and a small mouse.

Based on my experience (albeit limited) I'd stick with a large laptop, as light as you can afford to go, and make sure you've got a backup plan for your client to click and advance through the pages as they feel comfortable. Also, if you've got a blackberry or iphone or other device that you can connect through, I wouldn't go to the trouble of adding a wireless card to the mix. I'd just go with tethering.

It's tempting to go with a netbook, but they can really be a PITA for browsing and they tend to run really, really slow. The one I have for my daughter's school requires a lot of mousing back and forth just to see a whole page (it displays only about 1/2 of normal pages). We can get used to things like this when we use them every day but they make the borrowers feel out of sorts and ultimately slow down the signing.

Just my two cents-good luck!

Oh, One more thing. I actually charge LESS for e-closings because my costs are substantially lower and I already have all of the equipment--the only difference is that I have to pick it up off my desk and put it in my car (far easier than printing docs).

Reply by JanetK_CA on 2/10/10 1:17am
Msg #322172

"I actually charge LESS for e-closings because my costs are substantially lower and I already have all of the equipment"

With the added business use, you may find yourself having to replace your equipment sooner than you might have otherwise. And you said that the legals are done with hard copy, so you have some docs to print anyway and you have to be in your office at some point to receive and print them. Are you accounting for all the time involved? Also how about the time at the borrowers' home? Do you find these appointments go faster than signing with hard copy - with all your senior citizens?

Maybe it's just me, but it seems to me that you're not taking all of your costs into consideration. Most people charge more for these appointments. Plus, in effect, you are having your family or personal life financing your business if you say that you "already have" all the equip. When it comes time to do your taxes, you may want to be very careful, since the IRS may interpret this attitude as running a hobby instead of a business. OR you could reconsider your approach to setting fees for esignings...

jmho.

Reply by Julie/MI on 2/10/10 7:53am
Msg #322181

Time is money and you still HAVE TO Print at least 40 pages.

I have found it takes longer to set up and the borrowers side by side reading a computer screen takes MORE time than 152 page FHA refi. MHO

Also, takes time to simmer down the borrower, as none have been happy campers about esign mortgage docs and the loan officer never tells them in advance. And it also seems like English is NOT the primary language of the mortgagors and the language barrier along with their skittishness equal less $$$ in my pocket.

Reply by CaliNotary on 2/10/10 3:53pm
Msg #322282

"you still HAVE TO Print at least 40 pages"

I've only done a couple of esigns, but every one I did, I had to print a full copy for the borrower, plus the paper docs they have to sign, which is half of the loan package. I don't see how having to print 40 or 50 pages less than a normal signing adds up to "substantial" savings. It's more like $2 in savings.

Reply by MW/VA on 2/10/10 9:06am
Msg #322189

Are you folks getting a lot of e-sign assignments? I have never gotten enough business to cover the cost of the laptop I purchased.

Reply by Jessica Ward on 2/10/10 9:34am
Msg #322196

I use a laptop as my primary business machine and I schedule it for replacement every two years. I wouldn't go out and buy a laptop specifically for e-signings, I haven't gotten enough business to justify that either. Perhaps it's just luck, but these appointments for me (I've done less than a dozen) take about the same amount of time and require much less printing, so it's still penciling to charge less as I already amortized the computer costs. I'm still evaluating how I'll handle them in the future--if I have some that start taking extra time or something I'll re-evaluate my pricing. One other thing--on e-closings, I've never had the situation of arriving and finding the documents incorrect or anything like that--I've never once had to do two trips on one. Not sure if the companies that prepare them are just more organized than others, or what.

Reply by jimbro on 2/10/10 10:54am
Msg #322208

I've completed several closings for Amtrust and always use the borrowers computer. I haven't had one yet where the borrower doesn't have high speed internet so I haven't invested in a laptop just for esignings

Reply by Philip Johnson on 2/10/10 11:49am
Msg #322213

With Amtrust gone, what company is doing these?

Living out in the sticks where dial up is the rule for most and good signal strength is the exception, paper rules the day here for most.

Reply by janCA on 2/10/10 1:05pm
Msg #322241

Flagstar

I did my first yesterday and it took around two hours, just for the signing. I still had to print out the borrowers' docs which came to 80+ pages. I had to print out all title docs as originals which was 40 pages and also 39 lender docs. The confusing part was all lender docs were posted online, even if they required a wet signature. So instead of just posting those docs which needed an e-sign, all were posted. It was hard to remember if such and such document had a wet signature or if it needed an e-sign. There should have been a list to refer to in order to expedite the signing. I knew the major docs that had a wet signature and those that needed notarizations but the others, it got confusing. So I know some docs got an e-sign and a wet signature. The borrowers were great, though, we got through it with no major problems, just more frustration than anything.

Reply by CopperheadVA on 2/10/10 1:36pm
Msg #322249

Re: Flagstar

But, but, but.... these are *easier* and require less work from the notary, so you reduced your fee, right???? Oy vey!

Reply by janCA on 2/10/10 1:53pm
Msg #322254

Re: Flagstar

I'm assuming that's "tongue in cheek", Copperhead. I would not charge below $175 for an e-signing, it would just not be worth all the time and effort plus all the costs involved. I pay out $80/month for my Verizon card and I no longer use a desk top so no DSL. I can see where eventually all mortgage docs will be e-signed and e-notarized. I don't have a problem with that. I just think there needs to be more organization to the present method plus the compensation has to equate to what is hitting our pocketbooks in order to provide this service.

Reply by CopperheadVA on 2/10/10 3:06pm
Msg #322272

Re: Flagstar

Yup - I was totally kidding! You know how when they call they try and get us to do it on the cheap, because it's so much less work without docs to print, it's so fast on the computer (like the borrowers don't want to read anything), yada, yada.

Reply by jnew on 2/11/10 1:21pm
Msg #322421

Re: Flagstar

This was one of the reasons I asked. I think this is the way things are going to be done in the future, so I don't want to be left behind. From what I am hearing in this thread, the opportunity costs, and remaining printing costs would not justify a discount to the producer for my services. I would like to see someone do an actual cost analysis of a typical closing and see how the costs are not significantly higher. Thanks

Reply by JanetK_CA on 2/12/10 12:51am
Msg #322520

I think most would agree with you - higher! n/m

Reply by WINotaryGal on 2/10/10 1:14pm
Msg #322243

Hey there fellow WI notary. I have a Dell xps 1330 that I take along to esigns. It's a few years old now, but works fine. A netbook would probably be underpowered.

Just to share my experience, esigns are more work and take longer. The aircard/bb expense also a factor, so I charge accordingly. I have been set up to do esigns for a few years, but, get very few requests. Still like my laptop though!