It will come in CA. When - I don't know. NNA sells ENJOA and software and is negotiating deals with lenders and title companies to be able have compatible software and secure Inet to transmit documents.
PAW, I have seen numerous demos. The NSA has laptop with ENJOA software, signature & thumbprint pad & pen, camera for photo. NSA keys in identification info into Journal, takes thumbprint. Then logs out of ENJOA into lender/title propriatary software and pulls each loan document on screen, when get to signature lines, borrower signs on pad w/ pen, when gets to notarization block, NSA completes and signs. When all signed, entire loan document package is Esent back to lender/title. Title then Esends mortgage deed for recording ... or in states that consider a hard copy of an electronic document as a recordable original, prints a hard copy and mails to recording clerk.
No expert and since I am in a state where it ain't likely to happen fast, my interest is just too much curiosity. I, too, got bit by NNA pushing Arcanvs and Enotarizations - lost money on that one. Issues: Carry your printer so you can print out borrower's copy at their home. Elderly borrower (and me with not-so-great eyesight) may want NSA to print out a full set so that they can read it on paper rather than PC screen (expensive laptop so that can have large screen and ability for borrowers to sit and read through your laptop ... oops, sorry, I touched some keys, what happened to your computer?), have to have ability to handle many different types of software ... unless every lender and title company agrees to use the same (HA!!! They can't even agree on using the same paper forms). A CT issue was how to get $$ for recordings, now filings are paid up front with check or cash (great for town cash flow) - no credit card payments & fees. One GREAT Idea was a law firm would open an account with each of the 169 Towns, put about $250 in the account, and then Town would take out money as Efiling came in. Hmmmm ... who's got that extra cash to tie up w/out earning interest and who at the town is going to keep track of all that $$ and each individual account? An issues lawyers still arguing over how to handle: CT is a first in time, first in line state. When there's an attorney standing at the counter with a Judgment Lien from Creditor #2 and an Efiled Judgment Lien from Creditor #4 just came into the PC, who's first?
As I posted before, Elected official comes to you asking for your vote and says you should vote for him/her because "I cut funding for education, health care, highway repairs, and public services. I raised your taxes to pay for equipment, software, hire IT staff, pay licensing fees for Efiling of recorded documents. Although I CUT services to benefit you. Your banker and lawyer can save money because they wont have to drive to the Town Clerk's office to record your mortgage." I worked for bankers, worked for attorneys - I ain't agreeing to have my taxes raised for their convenience and to reduce their costs. All I see are lots of new bank fees and lower interest rates on my money. Further, anyone remember the last time a lender or attorney LOWERED their fee to you because they cut costs. It will just go to increasing their net profit.
States that have County Recorders and money in the budget will be on board for Efiling. It's very common now in commerical UCC filing, incorporations, etc. This is because this is a profitable area for Secy of State's offices and most documents are 1 page. |
