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edelske
New York
815 Posts |
 Posted - 07/24/2008 : 1:09:38 PM
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I live in Manhattan, New York - many things happen first here. But not E-signings. I have been asked to do one exactly once, and that was for a lowball of 50$ with the usual "you save on paper" lame reasoning.
Ignoring the fact that it's MUCH slower to go over docs on screen, the various setup and operational costs, etc.
E-signing is a trap. It's probably good for everyone involved except: the notary & the borrower.
When someone can present to me a well thought out Return On Investment for this concept I'll reconsider. Till then: Not For Me
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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NCLisa
North Carolina
14 Posts |
Posted - 04/04/2008 : 4:13:22 PM
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| I took the E-Notary class, and am a E-notary. Haven't found anything to use it for yet. A couple of our ROD's offices are accepting e-recordings, but they are only satisfactions. Most of the companies that allow for the e-notarization require that the documents be only documents that they've scanned or prepared for security reasons. So e-notary for e-recordings has a very very long way to go. I'd say were at least 5 years out from e-notarizing mortgages for e-recording. |
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LindaH
Florida
1754 Posts |
Posted - 03/30/2008 : 11:08:12 AM
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""it's the states not being prepared to accept documents for recording with e-signatures" and e-notarizations ...
I don't think the Land Records Recorders "accepting" an eSigned, eNotarized documents will be a sticking point. These documents just won't be eFiled. "
E-Filed - that's what I was referring to, Bobbi, but said it very badly....thanks and apologies.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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BobbiCT
Connecticut
135 Posts |
Posted - 03/30/2008 : 08:12:46 AM
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"it's the states not being prepared to accept documents for recording with e-signatures" and e-notarizations ...
I don't think the Land Records Recorders "accepting" an eSigned, eNotarized documents will be a sticking point. These documents just won't be eFiled.
How the title company increases its profit margin:
The mortgage deed is eSigned and eNotarized and eWitnessed on any software platform using internet time and equipment paid for by the NSA. The eMortgage replaces the cost of say $15, total office expense to make a file copy, print label, and put recording check and original mortgage in an envelope, plus $11 (say FedEx medium-large volume account rate) to overnight the mortgage deed to the title abstractor to record. With volume this sends at least one or two title company employees to the unemployment line and puts the cost of printing on the abstractor who records. The abstractor prints the eMortgage, drives to the Land Records, performs a bring down and records in the traditional way.
Here's the question: Does the out-of-state title company wire the recording fee into the abstractor's bank account prior to recording OR does the title company require the abstractor to pay upfront, bill us, and we'll pay you in 30-60 days? It will be interesting to see how eMortgage subcontractor payment plays out. NSAs may be on the hook for lost time, paper and gas. For the abstractor, out-of-pocket recording fees can quickly add up to thousands of dollars within a few weeks. The average CT mortgage is $118 recording fee. I doubt title companies will give abstractors keys to their checking account or give them monthly pre-recording funds to hold until needed. An abstractor needs a lot of cash in the bank to cover the upfront costs of recording. Of course, there's always the naive NSA who will look at this a new business opportunity and pay a few recording fees upfront until they realize they're in a financial hole.
Either way, it reduces the number of NSAs and abstractors that will remain in this industry. |
Edited by - BobbiCT on 03/30/2008 08:14:38 AM |
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LindaH
Florida
1754 Posts |
Posted - 03/29/2008 : 09:21:03 AM
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Mike, it's not just the TC and Lender being slow to embrace the e-notarization concept - it's the states not being prepared to accept documents for recording with e-signatures - only a select few counties in FL are set up to accept them and here in the sticks we're not!! That's why right now, at least around here, the most you'll see is e-signing (laptop and aircard) with certain docs (such as the security instrument) being printed out and wet signatures obtained for recording purposes.
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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AZSigner
Arizona
93 Posts |
Posted - 03/29/2008 : 09:13:16 AM
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I have never been asked to do an e-signing in Arizona (yet). My understanding is that the companies only want to pay $75 even for a 100 page package and they use the excuse of "Oh, because you don't have the printing costs." I personally would not do them for the fees that notaries are claiming to receive from them. It costs upwards of $60-$80 per month for the wireless internet service on these laptops, and as others have mentioned, many people still have concerns about signing things over the internet. Personally, it's not worth my time for those kind of paltry fees, especially with the added expense of the wireless internet connection.
As for e-notarizations, I was talking to Carmen about this a few weeks ago and she told me that the NNA has been promoting these since the 90's. (I remembered the NNA pitching them since 2002 - I didn't realize it was earlier). Ten years later, Lenders and Title Companies have been very slow to catch on. Again, I've never been asked if I'm set up for e-notarization. My guess is because of the serious security issues that e-notarizations raise. I know the e-notarization software and e-seals are supposedly encrypted and all that, but anything that's encrypted can be DECRYPTED by a nerdy software engineer with enough time on his hands.
Every now and then you hear about how a bank's database was "hacked" and customer information was stolen. Banks use the most up-to-date, most sophisticated firewalls and anti-hacking programs available. If bank software can be hacked, then it's not a big stretch to assume that electronic notary records could easily be hacked, altered, or just downright forged.
Maybe e-signings and e-notarizations will be the norm someday, but I'm not too worried about it right now. I think it will be many years in the future.
-Mike |
Edited by - AZSigner on 03/29/2008 09:13:41 AM |
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LindaH
Florida
1754 Posts |
Posted - 03/28/2008 : 10:50:41 AM
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"The notarized pages would still be hard copies which would make people feel more secure"
I don't know, Jeremy - not saying you're wrong...but would YOU feel more secure if your mortgage was signed the traditional way (wet signature) but you sign a $200,000 Note on the internet?? I'm not so sure I'd feel real secure about it...MHO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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jbelmont
California
3106 Posts |
Posted - 03/28/2008 : 10:42:18 AM
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I think that the e-signings will become a popular choice as they require much fewer actual physical docs. More and more people have wireless cards too. The notarized pages would still be hard copies which would make people feel more secure. This field should grow over time. But with any technology, there is a growth curve which takes time.
http://www.123notary.com/notarized.html |
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LindaH
Florida
1754 Posts |
Posted - 03/28/2008 : 06:25:44 AM
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We probably are starting a new phase - especially if all lenders/TC's get on board with this...but just to clarify as I did on another site...
E-notarizations and E-signings are two separate things - although admittedly closely related - you don't need the electronic notary seal for an e-signing - just a laptop and aircard (or a guaranteed signal or a borrower with online service) - you print those docs that need notarization and get wet signatures for them and notarize that way - supposedly smaller packages although, from what I've read here, not always necessarily so. But you still have printing costs, traveling costs, and cost to drop the package.
I've sort-of "polled" some of the borrowers I've dealt with recently, asking how they'd feel about doing their signing on the internet - they're not thrilled about it and are very skeptical - I suppose that technique is going to be a hard sell on the LO's part to convince their borrower that it's safe and secure...
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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joanbergst
California
360 Posts |
Posted - 03/27/2008 : 9:47:59 PM
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I wonder if we are beginning a new phase of notary work? It almost feels like 2003 when I was asked if I could do email documents and print both copies? I said yes and then I found out how to do them. Six years later I have done approx 2000+ edoc signings.
Recently I had a company asked me to fill out a application to do Electronic Notarization (AKA E-Signings.)
I don't need a signature pad or a e-notarized stamp.
What I must have is a laptop (XP or Vista) and wireless connector for the laptop. Some of the docs would be printed as usual and the rest would be retrieved by the lender on a secured website.
I have both the laptop and wireless.
My question is: "Are other companies sending out this type of application? Are things changing or is this just one company doing the loan process a different way?
http://www.joanbergstromnotarypublic.com
Joan Bergstrom
24/7 To Riverside & San Bernardino Counties.
State Notary exam teacher for www.notaryclasses.com
www.joanbergstromnotarypublic.com
joan.bergstrom@yahoo.com
Cell: 951-522-4919
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Electronic Notarization (AKA E-Signings)
