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E-Signings for Loan Documents

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joanbergst 90 posts about 10 years ago

I noticed on another message board that some companies are actually listing e-signing assignments for loan document signings that are available if a notary loan signer responds for that particular geographical area.

Do we all need to have a laptop and a wireless connector for the Internet? One person responded that he had done 5 e-signings.

Times might be changing and it will be interesting to see how the rest of 2008 will play out!!

http://www.joanbergstromnotarypublic.com

 
maggiemae 35 posts about 10 years ago

Hi Joan, I’ve had a laptop with wireless internet access for a year now, but haven’t looked into eSignings. It may be time that I did!

Myra ~ www.KosakSigningService.com

 
sherrimoore 7 posts about 10 years ago

How exactly are e-signings done? I keep hearing about them, but am unsure how they work. Thanks.

 
cvds 6 posts about 10 years ago

I think every state’s rules for e-notarization may be somewhat different. For instance, here in VA, even though we’ve been advised e-notarization goes into effect 7/1/08, the Secretary of the Commonwealth still hasn’t given us any clues about rules (other than we can charge $25 for e-notarization, instead of $5 for regular paper notarization) or acceptable platforms, etc. I hate being kept in the dark until the last minute, but I don’t see any over choice at this time.

 
suzi 1 post almost 10 years ago

I read a newsletter from the NNA that Arizona was a state that had implemented e-notarization. I called the Sec. of State to get the rules and they were furious that someone said they were up and running with e-notarization. They are doing a pilot in one county, but I was told that notaries will be informed when they are ready. It might be some time before they are, apparently.

 
lindah 99 posts almost 10 years ago

Keep in mind, folks – e-signings and e-notarizations are two distinctly different things. E-notarization is exactly that – web-based notarization with a secure digital signature. Most states at this time are not up able to accept electronic documents for electronic recording (in place of the old-fashioned paper and ink documents) – some states, like Florida, have some counties accepting electronic recordings but not all.

E-signings are a process where the mortgage documents are signed online at the lender’s website. You either have your laptop w/ aircard & internet connection or you use the borrowers’ computer (provided they have one and they have stable internet service) . You access a remote site, review some documents online with them and they sign by clicking on a button (the borrowers’ digital signature with the lender is set up ahead of time). If your state does not accept e-recordings, you will still need to print those docs that need to be notarized as they are “wet” signatures – and sometimes you need to print a copy for the borrower … oh, and maybe print an extra set of documents “just in case” the internet connection fails or there are issues with the website. The beauty of e-signings for the lender is that changes to docs can be made at the table, thereby avoiding no-signs…HUDs and TILs can be changed and re-delivered virtually immediately – so if your borrower doesn’t have a computer, be prepared to print table so they‘re provided copies of revised docs!! (So, IMO, in addition to carrying your briefcase with your standard equipment, you’ll now need to carry laptop with aircard AND laser printer)..

It’s my belief that e-signings are the way of the future, but in some areas (like mine – very rural) it’s going to be a problem – internet signals are tenuous at best and cell phone or aircard signals are non-existant in some areas. I already have the laptop but personally, for these reasons, won’t be investing anything further into e-signings at the moment. Not to mention I’ve yet to be asked if I’m equipped to do them. No market…

Sorry this got so windy – hope it helps someone, though.

 
kandonotary 6 posts over 9 years ago

Linda,

You have definitely helped me make a decision about whether or not to invest my budget into the equipment.

Thank you.

 
nadinenotary 3 posts over 8 years ago

Diga Sign is the program that has a electronic journal and has the capacity to sign docs on the pad (industry is not there yet). I just use it as a electronic journal so when the industry is there. I am ready.

 
lindah 99 posts over 8 years ago

Thanks for clarifying, Nadine…goo to know there’s an alternative to the other association to getting out e-seal if we need it..

 
lindah 99 posts over 8 years ago

OUR e-seal, that is…:)

 
notarypublic... 1 post almost 7 years ago

You explained it better than any place else I have read it! Thanks for your help!!

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