Pavaso training

[jruby]

I just received an e-mail from Signature Closers concerning Pavaso training. I think I've seen a reference or two in the Forum concerning Pavaso and as I recall, the notaries didn't seem to think it was worthwhile - but it just might be the wave of the future! Does anyone have experience with this platform?

[Arichter]

Maybe it's because we've seen all the hype and then the fizzle a time or two in the past. To me, the most telling issue is they just don't mention what kind of fee they anticipate offering for the next 'best thing'.

[katynotary]

I took the Pavaso training about 10 months ago and have yet to complete a job. I had 100% score and whenever a job is emailed to me (Only 3 so far), the order goes to someone else. I called the escrow officer and asked her why after I have completed the training I’m never given the job. She said that my $100 fee was too high. In my opinion, if I have to drag a laptop with me, login and still print 2 sets of some docs, drive to somewhere and figure out how to navigate the website with the signers, it’s a $100 job. The benefit of less paperwork isn’t for me, it’s for the signer and the title company. If I was getting numerous requests for Pavaso signings it might be worth it to reduce my fee, but I have plenty of “regular” signings at $100, so I’ll wait and see what the future holds.

[Sebastian0125]

I took the training, clicked on Pavaso to set up and found out that Colorado uses DocVerify and not Pavaso. UGHHH!
DocVerify has free membership but to fully utilize it and get assignments, the lowest fee is $10 a month of $15 a month as needed. UGHHH again. More fees to do a job that everyone is undercutting!

I did a couple of e-notary assignments a few years ago, and they were definitely more trouble than they were worth. The biggest problem occurred when you got all set up and were ready to go, and something happened to the server sending you the information. So there you sat, with 1/2 of the docs wet signed, and twiddling your thumbs waiting for the e-docs.

I read somewhere that e notary should get at least 3 times the regular fee. I don't see that happening anytime soon.

[Arichter]

Really appreciate those who have 'been there/done that' posting their experience. I'm afraid we don't even know what we don't know. Never thought about 'does your state allow THIS provider'. And never have thought that the idea was worth the trouble--which you have just confirmed. Nor do I see fees being equal to the expense, time incurred. Quite the opposite, in fact. Thank you!

[janetvs1]

I took the training over a year ago and I haven't heard back from them. Not worth my time.

[Kcolovos33]

Excellent platform for hybrid signings. The signer has access to most of the documents (None that need to be signed by Notary) when you removed all the documents that do not need to notarize you have cut a typical package from 180 pages to about forty pages. The only documents you print out for a actual wet signing is about 60 pages. This greatly reduces printing and time at the signing table. You will still have to faxbacks and ship the wet signed documents. The signer,s can sign electronically the other documents prior to the wet signing. I would imagine that the second set of documents would be printed out by the signers. Compleated the hybrid course and took a test and passed. Have no had the opportunity to preform one but looking forward to doing one.

[Arichter]

Having done quite a number of 'print one copy' signings where the B's copy is provided online, I find that most borrowers are NOT happy with not having a paper copy and are extremely reluctant (outraged, really) at the idea of printing it themselves. The only 'savings' I see in this is 'time' FOR THE TC & Lender...don't see any advantage in this method for the notary. I'd be interested in your actual experience once you get a chance to perform one.

[LindaH]

FYI for those of you who are dipping your toes into the e-closing experience.

Source of Title had two articles today - both Stewart Title and Old Republic Title have partnered with Pavaso

Info for your marketing, closing and SPENDING MONEY information.

[carold]

Took the training months ago and told them that Tennessee does not allow E-Signings and they told me to take it anyway. Seems to be a waste of time at this point.

[Lahyler]

I would love to sign up to become certified, but California does not allow e-signings at this time. Still doing it the old fashioned way with 'wet' docs.

[jlang847]

According to Amrock California will be able to do Hybrid starting in June

[LindaH]

Clarification - California already does the "hybrid" closings, maybe Amrock just isn't set up there yet; and to Lahyler, California DOES allow e-signings and e-notarizations - what they don't allow is webcam notarization (no personal presence by the signer in front of the CA notary)

http://www.sos.ca.gov/notary/customer-alert/

[kenmig47]

Arichter, as a NC notary we can perform e-signings but not remote video signings. Our SOS is adamantly opposed to notarizations without the presence of a notary. That said, I find the e-signings are a win-win for both sides. Let me be clear, I am referring to total e-sign not a mixture of e-sign and hard copy. That is a lose-lose because you are doing a completely extra step by having to have some docs on hard copy and everything else that hard copy entails. Consider:

-No printing whatsoever
-No toner, clips or sign-here stickies
-No paper handling before and after the signing to apply or remove stickies.
-No Scanbacks
-You never have to return home between signings to get the docs printed and marked-up.
Just drive to the next appointment
-No need for courier drop box or store-front
-The actual signing on a laptop proceeds extremely fast, just click the mouse over and over
-Fewer errors, the doc preparer stipulates where the signatures and initials will go, not you
-When you leave the borrower it's 'job done'

I can eliminate hours in travel and preparation time and can perform more signings in a given day. Now comes the gorilla, the 800 pound one. Because there is so much less effort and almost no use of office materiel the fees are becoming unstable. The signing companies are well aware of the increase in productivity and are paying less. Not too bad right now because it's up to the lender as to whether they e-sign or not so the e-sign volume is not that high and still finding it's place in the market. IMO, the fees can only go down.

Finally, even if lower fees can be made up by higher volume, where is this additional volume coming from? E-signing does not drive the market. The forces that do are beyond anyone's control. I see the number of signings remaining unaffected by a technological streamlining of the logistics. This could mean no additional business but lower fees.
I could be wrong but it just seems intuitive and it will be awhile before E-signing becomes enough of a player to actually start having any influence on the industry.

[Arichter]

You've made a lot of good points. Only one question: Have you actually completed one?

[kenmig47]

Glad you asked. Yes, I have done 3 in the last 8 months. One was a hybrid where you treat some docs digitally, others as hard copy and others as both. The other two were 100% e-sign and were a pleasure.

I have another thought on fees. Since we and the people that hire us benefit from a seamless digital closing they may not cut fees, at least for the short haul, because they benefit as well. They don't incur overnight shipping fees, fewer errors, no scanning of the docs, no docs arriving late because the cutoff was missed, and no paper handling.

It will be awhile before the e-signer's find which way is up and the new mode matures. It's impossible to make a call this early in the game.

[iconnotary]

I received info on Pavaso training too and it referred me to docverify, I am debating if I really want to pay a monthly fee. is it really worth it?

[Arichter]

Not until every call/text/ding you get wants an e-signing. BUT...will they all be using Pavaso? Remains to be seen.
Also, how much more will you profit when your expenses go up while the fee goes down? After all, there is a limit to how many signings are available at a given time in a given area--and we ARE in a declining market with the higher interest rates.
Think carefully...only you can answer that question based upon your experience in your market area. For me? Big NO.

[nwomobilenotary]

I did the training as well, imputed my minimum fees same as yours. Not going to deviate from it. more of a hassle dragging computer etc.

[LindaH]

I posted about Pavaso in the Technology section here - they've incorporated remote notarizations into their platform. See the post "HEADS UP..." - very eye-opening; EVERYTHING done online now....bye bye mobile closer - (caveat: in many markets)