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Posted by  VT_Syrup on 6/28/20 8:12am
I don't pretend to know the details of the note e-signing that Alz mentioned in Msg #621489. I do know that notes are one of the trickiest documents to e-sign. This is because, in the paper world, to collect on a note, it must be properly assigned to the person or organization currently holding it (the creditor), and the creditor must have physical possession of the paper note. When the mortgage is paid in full, the physical paper note is marked "paid" and returned to the borrower.
Of course, electronic documents may be copied perfectly, and there is no way to distinguish the copy from the original. So some alternative electronic mechanism must be in place to keep track of who the creditor is at any instant in time. None of the usual office software we all use can do this; not Microsoft Word, not Adobe Acrobat, not DocuSign. If the lender and title company spent years establishing a proper note tracking system, good for them. If it's something they cobbled together one weekend to deal with COVID-19, there are storm clouds on the horizon. |
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