Posted by supersigner on 6/25/11 4:28pm
Msg #387695

Electronic Closings



I have had 3 calls from a major signing cpmpany asking me if I do electronic closings.

I have called the NNA and the State of NJ and they both said that we do not do them. How is this company getting away with it? I was told by the State that there could be some
liability on the part of the notary who does them.

Reply by davidK/CA on 6/25/11 4:41pm
Msg #387696

Perhaps what they meant was "e-signings". That's where about 30% or so of the documents are signed on a computer by the borrower(s) and the rest are signed by pen and ink. You have to print a complete set of documents for signature if the computer program doesn't work for some reason and you also have to print another set of the "70%" hand signed documents to leave with the borrower. The computer signed documents can be printed from within the computer program.

IMHO, it's a pain for the notary as you may need your own laptop with a cellular data connection on site, and you likely will spend more time printing one full and one partial set of documents. Your time on site at the borrower's house will increase while they try to read and understand what they are being asked to do on the computer.

All of this and it's likely you will be paid the same as a regular signing. The cost of the cellular data card and monthly service is out of your pocket.

Just say "no".

Reply by Sha/CA on 6/25/11 6:52pm
Msg #387707

I agree.

I can ask for more to do an e-signing, because most of the notaries in my area do not have a broadband connection. I have realized, however, the extra I pay for the broadband is not cost effective, just for e-signing. If anyone is interested, you can take over my contract with Verizon. Contact me and I will tell you the particulars.

Reply by patriciar/MD on 6/26/11 7:28am
Msg #387722

E-Signings I've Witnessed

I've done several e-signings but only on Borrower's computer. I do not have a laptop as I do not get many calls for e-signings. The e-signings I have done have been easy and quick. I do charge more for e-signings b/c you still have to print a portion of the documents and go through the whole drill anyway.

Reply by Notarysigner on 6/26/11 7:37am
Msg #387723

Being able to do "e-signings" has the added value of being contacted because you can do that as well as the "others". Who would you have on your "go to list"? A notary who can do it all or a "limited" mobile notary? IMO

Reply by 101livescan on 6/26/11 8:21am
Msg #387727

In the past three years, I've probably done only a dozen of these. My air card is $60 a month with Verizon. Three years x $60 bucks a month doesn't justify the small number of esignings I've done, but I like to have the ecard on travel, which I've been doing more of in the last two years. Since AMTRUST is no longer on the radar screen, the only esignings I've had come my way are for FLAGSTAR, and they are problematic, always. No one wants to pay the appropriate fee for these signings, you have the mobile equipment, the air card, and the expertise to accomplish these tasks, but the fees aren't worth it. Just my two cents.

Reply by Notarysigner on 6/26/11 9:31am
Msg #387730

Yea I guess you're right, specially if the expenses you incur because of the air-card are not limited to just "signings", no tax relief there.

Reply by Joannie on 6/26/11 4:44pm
Msg #387755

I don't have alot of competition in my area. There just aren't alot of closers in the Upper Peninsula or Wisconsin's North Woods. When I am asked to do e-signings the borrower must have internet access that I can plug into or access wirelessly. Too many areas up here that cell service is not available. Best way to go in my circumstance.

Reply by Alz on 6/26/11 9:37pm
Msg #387776

Amtrust (NYCB Mortgage) is still around. I receive 2-3 a mo. n/m

Reply by 101livescan on 6/27/11 8:28am
Msg #387797

Re: Amtrust (NYCB Mortgage) is still around. I receive 2-3 a mo.

Interesting, because they show up on the ML IMPLODED list of lenders no longer lending. I still don't hear from any one here for Amtrust.

Lender competition is keen. I think the idea is great, closing documents get back to lender elecgtronically for early review of critical documents to expedite funding.

Reply by Alz on 6/27/11 3:04pm
Msg #387882

Re: Amtrust (NYCB Mortgage) is still around. I receive 2-3 a mo.

https://www.esignmortgage.com/

I haven't had a Flagstar/Fiserv in about a month. They have actually modified their process, but it does not compare to Amtrust (NYCB)

Reply by JandB on 6/27/11 9:04am
Msg #387805

I closed an AMTRUST last week. I tack on $25 to my regular fee because I think they take just as much time as a regular closing but have greater equipment costs. I have averaged about 1 per month which just covers cost. I also use my air card when I travel so it pays for it. I do think some form of electronic signing is what we will see in the future...not tomorrow but someday.