Monday, September 11, 2017

Big Fish Wonder Why Lenders aren't Ready for E-Stuff

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The BIGGEST FISH in our notary signing agent food chain published an eye-opening report at the end of last year.

(Oh, in case you aren't aware of how it goes, in our big mortgage industry pond, notaries are the tiny silver minnows at the bottom of the food chain. At the top are the big government supported enterprises (GSEs) known fondly as FannieMae and FreddieMac.)

My perception of the Mortgage Industry Food Chain. 

In 2016, Uncle FreddieMac and Aunt FannieMae surveyed lenders to discover why they haven’t embraced widespread use of online notarization, e-notaries, or emortgages.  They asked for their pain points.

 Lenders reported several reasons including
  • low demand for online notarization by customers
  • technology requirements are too complex
  • the return on investment would be low
  • upgrades too expensive
  • no standardized solution
  • staff would require significant training
  • title companies / settlement services aren’t ready
Apparently, there are a number of barricades between the way things are done today using “in person” mobile notaries and an industry-wide implementation of electronic loan documents notarized by online notaries.

I think that's good news.

Read the report here

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