FYI - HEADS UP SIGNING AGENTS! Is the ride about to end?

A Place to Talk Technology
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If you’re not on board with e-signings, e-notarizations and remote notarizations (and have no intention to do so, like me) then maybe it’s time to look to your Plan B - this Article from Source of Title today:

"Per SoT this morning:

"Pavaso, a leading mortgage technology provider, has introduced a remote online notarization feature (RON) to its Digital Close eClosing platform. RON will enable users to conduct the mortgage closing session remotely—including notarizations. Pavaso is the developer of a truly digital mortgage enterprise solution platform that incorporates both lender and title participation.

Pavaso’s development of its Remote Online Notarization tool provides its users the ability to conduct the entire closing (including notarization) using a single electronic portal through the Digital Close Enterprise eClosing platform. Other systems require additional technology, integrations or multiple portals to conduct a complete, notarized closing. The feature was developed in direct response to the rapidly growing interest at the state level in allowing remote notarization. Currently, remote notarization is legal in Texas, Virginia, Montana and Nevada. Several more states, including Indiana, Minnesota and Tennessee, have passed laws or are expected to pass laws introducing remote notarization in the next year as well.

According to Nancy G. Pratt, Vice President Partner Relations & Government Affairs for Pavaso, the addition of RON to Digital Close will empower users to notarize documents (where allowed by law) electronically and online—even when physically separated from the signer of the documents. The feature provides convenience to all parties without having to forego the use of experienced closing agents. Pavaso’s RON tool provides a faster, easier connection process for consumers as well as instant access to a recording of the notarizations.

"RON is yet another powerful indicator that times are changing in the mortgage and settlement industries,” said Pratt. “Consumers are demanding more flexibility in choices – it’s no longer just a wish for flexibility in choices —they demand them. Pavaso’s unveiling of RON ensures that the consumer will now be able to experience the convenience, transparency and simplicity of a digital closing no matter where that consumer (or closing agent) might be situated.”

The Pavaso Digital Close platform delivers efficient, accurate closings by preventing errors at closing, including over signing, missed signatures and more. This, in turn, delivers a smooth, faster closing for consumers while reducing costs for mortgage lenders. The collaborative platform brings title and lender documents together for digital signature and allows consumers access all documents anywhere, on any device, prior to closing. Pavaso’s Digital Close platform provides flexibility in closing by facilitating hybrid closings as well as complete eNote and eVault transactions.""

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Yes and No

they still will need a person to explain the papers and their purpose

Yes the signing will be ‘faster’ as the borrower dont have to actually “sign”

I am 100% convinced they will try to lower the fees across the board an maybe they can get a monkey to push the keys

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Not a Notary Signing Agent job; that’s up to title/LO; so all connected via conference call/skype you have the perfect storm to eliminate the signing agent as we now know it. Companies can have one or two designated onlne closers to conduct and coordinate everything.

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The result of any electronic notarization, whether in person or remote (webcam), is an electronic document (usually a PDF). Each state (and in some cases, each office where deeds and the like are recorded) have their own standard for what they will accept for recording. Some require paper with an original, wet signature of both the notary and the principal. So this is something that will roll out gradually.

What could accelerate the use of call centers in Virginia and remote notarization by Virginia notaries (for those properties where the recording office will accept a PDF or a printout of the PDF) will be the approval requirement that many states have for electronic notarization. If a title company wanted to use Pavaso, and wanted a notary in the state where the property is located to meet in person with the signer, but the state requires platforms to be approved, and Pavaso isn’t approved, then the title company will either have to use a Virginia remote notary, or use paper.

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LindaH,
You’re right! As lenders get more pressure to provide webcam closings to their clients they will slowly faze out Signing Agents. The goal, as I’ve been told, is for the title companies to be able to do everything at the title office and not have to deal with signing services or signing agents. I don’t think it will happen overnight, but it is the wave of the future. So what is your Plan B?

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Still illegal in California (thankfully), but I assume that this law will change with time. Information technology is the ever-moving wave with more and more operations taking the ride. I think that it is good to have a plan B with this electronic notarization wave. I may look into this soon just to be ready should California allow in the future (which I feel that it will, it’s just a matter of when).

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3 years ago I was contacted by the US Census Bureau to become a field rep. I have been doing that since January 2016, and I’m very happy. I work out of my home, I’m sent my assignment to via secure laptop that I am to complete that month, interview people in their homes, and it is a part-time gig that pays hourly and mileage. I make my own hours and work when I want, as long as I get my work done. I absolutely love this job.

Along with that I gave up loan signings 2 years ago because I could see the downtrend in the fees and didn’t like where things were going. I now do only General notary work and will do some trust work if the price is right. But as for loan signings I’ve been out for 2 years and I’m glad I made the move when I did.

I only hope everyone else gets as lucky as me to be able to have something to fall back on and have something available to them when the need comes up. Best of luck to all!

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I agree with you. Electronic closing is a disaster waiting to happen. There is NO SECURE electronic filing system that any decent hacker can’t invade and extract all that personal information (name, address, dob, ss#, checking acct., etc). Hasn’t this been made obvious by all the hacking of the DNC, FBI, NSA, Dept of State emails, etc.? I guarantee their systems are more secure than Pavaso’s. When a signing company first proposed that I get Pavaso certified, I told them the same thing and declined P.S. I am actively seeking a plan B.

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I’m listening . . . Do you have to travel around your state? Are people receptive to your knocking on their door asking personal information? Do you have a landland? I went to their website and one of the requirements is that you need to have a landline. Who has a landline these days.

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No…just my immediate area;

“Are people receptive to your knocking on their door asking personal information?”

Some yes, some not so much.

" Do you have a landline?"

No…they told me that 3 years ago - and i had mine reactivated - then found out all we need is a smartphone. So canceled the landline. Surprised that info is still there.

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Please provide information on how to sign up with US Census Bureau for this type of work. Thanks in advance.

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www.census.gov

I was contacted by them back in March, 2015 - I did the 2010 Decennial so they had me on file. Go to that website - should be info there on what to do and if there’s work available in your area.

Just so you know - the hourly rate is regional, the mileage is set by the IRS standard, and there’s no benefits with what I do. I’m an intermittent employee - I can be let go any time.

Good Luck!

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Plan B is take a look at your regular Notary services. I started running Power of Attorney ads if you haven’t noticed a lot of people don’t have POA’s until something happens. So remind them of the just in case factor. Us as Notaries and Signing Agent have to add to this career like, insurance adjuster, paralegal, fiduciary, auto appraiser, specialize in Wills, help people get grandma mama secret recipe notarized or copy certified, etc…

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I worked for the Census Bureau during the 2010 census, knocking on doors for people who hadn’t sent back their forms through the mail. It had to be the most humiliating experience I’ve ever had as a working adult, having doors slammed in my face, people not answering their doors, even though I could hear them moving around inside the house, and being told “I’m too busy now” multiple times by the same people, even though I assured them it would only take a few minutes of their time. It’s certainly not a job I would ever want to do again. In all fairness, not “everyone” was mean to me. I met some very nice people along the way, but that was definitely the exception, rather than the rule.

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I have maybe 1 client out of 50 a month that would be comfortable with e-notariztions. Many are surprised I travel to their homes. For those those that e-sign the predisclosures, ALL have stated they didn’t read or didn’t understand what they had to sign and were happy I was there with final copies for them to read and understand.

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  1. Esigning and remote notarization are different animals. 2. Great article, but obviously a puff piece for Pavaso. 3. Over half my borrowers are retirement age or above, and not comfortable with electronics. 4. An esigning takes just as much time at the table as a paper signing. The time saved for the NSA is supposed to be in print and scanbacks. In my experience, preparing for the esigning (logging in, getting a certificate, reading over the package, making notes of any tricky sections, printing docs requiring wet signature) for a 150 page esigning takes every bit as long as prepping a print package. At the table with tablet or laptop - I have both, prefer laptop - I have learned to plan anywhere from 10 to 15 minutes prior to signing to assist in the login and certification process. I also find that signers want to spend more time with each document, often comparing print versions to the screen copy.

Read some trade articles about the previous attempts by the mortgage industry to implement e-signings before you panic.

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The industry won’t be in a hurry to do away with NSAs. At $75 a pop, we are a heck of a lot cheaper than employees.

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I have seen this industry from the vantage point of closing loans prior to interstate banking, the fax machine, the overnight delivery, the internet and electronic document transfer Each change has opened up new opportunities for lenders and title companies to expand their services nationally by using agents located throughout the country. The newest trend is remote closings which are bringing the entire process under one entity without having to hire those local agents. At the start the lending and title was local and technology expanded the process. Now with remote closings the process will be back to the control of the title company and the outside agents such as abstractors and closers will not be necessary. Title commitments will be block-chained and new searches will not be necessary. Closings will start and end with one closer who can notarize all of the documents remotely with electronic signatures. What technology created it will also destroy. This could also affect general notary work as well. Remote notarization will be advertised on the internet and other media. You can click a link on the web and connect with a remote notary who will provide you with an electronic document which can be transferred back and printed or sent electronically for filing or recording. I see the waterhole shrinking and fewer people drinking from it.

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Maybe it’s time to contact Congress members to stop all e-notarizations. Personally, I see all kinds of fraud happening and Congress can stop this everywhere. So few states have adopted the practice that it should not be a problem. The major purpose of the notary is to verify that the person sitting before you and signing all the documents is indeed the person they claim to be. How can that be done electronically over Skype or any other way?? I see another major melt-down of the mortgage industry when all the fraud surfaces. The signer may have a driver’s license or other picture ID of themselves with the correct name, but electronically there is no way for the notary to determine if the ID is indeed not fraudulent. Once the fraud is out in the open, not only lenders will be held accountable, but everyone connected with each fraudulent transaction, including title, escrow, notary, attorney, etc. Seems to be a boon for the E&O insurance companies because they will all have to keep $1 million or more E&O insurance to covered in case of fraud. With today’s high real estate prices, that will be a sizable increase for those companies offering E&O insurance!

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Agree very much with your statement. Washington State same situation. These fancy big companies should really think the situation through that they make be braking state laws leaving them open to all kinds of law suits and signings not being legal.