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#144 - 12/06/00 06:41 PM E-Sign Act
Shawndra Proth Offline
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Shawndra Proth
Joined: Dec 2000
Posts: 14
waco, texas, mclennan
I would like to get your opinions on the E-Sign Act. Our mortgage division would like to implement digital signatures, but I am skepticle.
I do not think the security measures and regulatory guidelines are in place to date. I also understand that it takes special software to send or receive a digital signature.

Any and all comments are appreciated.

Thanks


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General Discussion
#145 - 12/06/00 07:16 PM Re: E-Sign Act
Al Miller Offline
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Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
Can you get Title Insurance? Can you sell the loan on the secondary market or as part of a Mortgage Backed Security?

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Al Miller, CRCM
(510) 790-5825
(510) 505-5211 FAX

Opinions expressed are my own and not necessarily shared by my employer.

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Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

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#146 - 12/06/00 07:19 PM Re: E-Sign Act
Shawndra Proth Offline
New Poster
Shawndra Proth
Joined: Dec 2000
Posts: 14
waco, texas, mclennan
I haven't researched it that far yet. I think those are good questions. I just started looking into this yesterday afternoon.

Thanks


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#147 - 12/06/00 08:57 PM Re: E-Sign Act
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,056
Toano, VA
Regardless of your decisions about e-docs and e-sigs, you can still take advantage of ESIGN for e-disclosures (ECOA, RESPA, TIL, Flood) necessary to take & process the application.
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...gone fishing.

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#148 - 12/06/00 09:31 PM Re: E-Sign Act
Shawndra Proth Offline
New Poster
Shawndra Proth
Joined: Dec 2000
Posts: 14
waco, texas, mclennan
all of our disclosures are online except the privacy disclosures for GLB which we want to have an original signature on those docs. We are Opt In not Out so we can require an original signature on those forms.
The mortgage division wants to make the GLB docs also part of the online disclosures. Since we simply have the agree/do not agree buttons for our disclosures, I am saying no. Plus I do not think there are enough security measures in place on digital signatures. I think the act was passed before it was completely thought through...there are too many variables still pending on it.
These are just my thoughts....

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#149 - 12/06/00 10:10 PM Re: E-Sign Act
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,485
On the Net
e-Sign is purposely vague so tah the industry and technology can plot that path. Certainly this is a double-edged sword and you could fall on that sword easily.

If I were going to accept digital signatires on my mortgage docs, I would accept it on my Privacy disclosures and in theory, neither is more important than the other, unless required by law or code.

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Andy Zavoina
Opinions stated are not necessarily that of my employer.

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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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