>>> 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. <<<
Okay, and how does the borrower(s) get their copies? Are we suppose to print on site? Reg Z doesn't kick in until they have their disclosures in their hands, not on some hard drive. Even if electronic copies are okay, (Reg Z has already taken that part into account by stating only one copy of the notice is required), how does the average borrower (sans computer) cancel their loan? They must have hard copy. No matter how thin you slice the bread, someone has to have half the loaf and there will always be crumbs all over the place.
>>> 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. <<<
Perfect setup for expanding MERS.
I would really like to get on the e-loan/mortgage bandwagon, but there just seems to be too many questions that remain unanswered to us in the industry to warrant any excitement. I wish there were a committee or at least someone "in the game" that I could get to and ask all these questions. I've inquired with Verisign and Entrust, but no one has ever responded to my requests that they are actively participating in this project. Have you any idea "whose in charge"? |
