I have been closing loans for 20 years and am thinking I want to add this to my business…suggestions…or any yea or nay opinions please
In my state, Vermont, I’ve only been asked once and it was too far away. Right now it’s illegal for Vermont notaries to do any kind of e-notarization, whether the signer is physically present with the notary or not, because the Office of Professional Regulation has not yet issued any rules to fill out the details of the new notary law.
For this kind of question, you should include your state.
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Between the added calls you will make to ensure that the signer has their certification and is prepared prior to your arrival - from sad experience, I strongly suggest you do not leave this step up to the lender or you may spend 30 - 45 minutes dealing with it before you begin the signing - the time involved in setting up your hardware and logging everyone in, journaling, going over documents (just as you do with print copy), notarizing, signing out, completing whatever print docs you were required to bring - I have yet to do a full e-signing; they have all been hybrids requiring print of the critical docs… these generally require as much, if not MORE, time than a print signing.
I charge the same fee. And I get it.
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Seems to me that with the extra equipment needed and hauled around, these should pay more; not the same or less than a print pkg. I don’t do them, so really am just kinda asking. Doesn’t seem worth the trouble, potential problems to me.
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Electronic Notarization: Do with extreme caution. This is Fraud progressive. No way to ID signer without ID in hand. Your job is to ID signer and notarize their signature, knowing it IS their signature. If FRAUD is discovered it’s YOUR BUTT, not the title company, not mortgage company, YOU! You CANNOT depend on the title company to do your job for you (some electronic way the title company verifies ID). You CANNOT accept another person/company telling you the ID is ok. So how is it being done? I’ve been told the signer is being ID’d prior to the signing either by mortgage or Title. NO GOOD! You MUST be able to ID the signer yourself. Tell me how you do it!
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And that is my second issue. With the additional cost of equipment, hotspot app, etc. These should pay more, not less.
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Hybrids are handled much different than full notarizations. You still meet with the signer and get hard signatures on pertainent docs. These pay the same as regular refi. Still need the equipment and hotspot app, but they don’t try to lower your fees and take less time to complete, less printing, etc.
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