E-Signings for Loan Documents
|joanbergst 90 posts almost 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!!
|maggiemae 35 posts almost 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 almost 10 years ago||
How exactly are e-signings done? I keep hearing about them, but am unsure how they work. Thanks.
|cvds 6 posts almost 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 over 9 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 over 9 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 lenderâ€™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 borrowersâ€™ 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 doesnâ€™t have a computer, be prepared to print table so theyâ€˜re provided copies of revised docs!! (So, IMO, in addition to carrying your briefcase with your standard equipment, youâ€™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 Iâ€™ve yet to be asked if Iâ€™m equipped to do them. No marketâ€¦
Sorry this got so windy – hope it helps someone, though.
|kandonotary 6 posts over 9 years ago||
You have definitely helped me make a decision about whether or not to invest my budget into the equipment.
|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 over 6 years ago||
You explained it better than any place else I have read it! Thanks for your help!!