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#2223877 - 10/17/19 02:12 PM title company submits eisigned payoff request
Burgess Offline
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Joined: Jan 2004
Posts: 1,621
We have a title company submitting a request for our customers loan payoff.
The request includes our customers e-signed signature to the title company.
Is that ok - with regards to the e-signed document we, the bank, are not a party to the e-signature requirement.
I don't think we can accept the title company request and need to say have our customer contact us directly.

scam possibilities - out of state borrower and title company, now they will know the exact amount of the loan payoff - don't know how this could result in a loss but I am constantly amazed at new scams.
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eBanking / Technology
#2223947 - 10/18/19 04:30 AM Re: title company submits eisigned payoff request Burgess
Richard Insley Offline
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Richard Insley
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Posts: 10,179
Toano, VA
From the risk perspective, an e-signature presents an exposure comparable to the "X" made by an illiterate customer. One "X" looks about the same as another, so you need additional assurance that the one presented by a 3rd party is, in fact, the genuine action of that customer.
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#2224246 - 10/23/19 05:30 PM Re: title company submits eisigned payoff request Burgess
John Burnett Offline
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John Burnett
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Posts: 40,086
Cape Cod
You could look at the reputation of the title company, if you know it.
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#2224313 - 10/24/19 02:08 PM Re: title company submits eisigned payoff request Burgess
Andy_Z Offline
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Andy_Z
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On the Net
I would be of the risk-averse opinion that an E-SIGN request provides your bank with no evidence of the borrowers request. I don't see a huge downside to providing it assuming there is no cost to the borrower and the request included names and account numbers so it appears legit.

The question does raise interesting points I had not considered. Thanks for that.
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#2224341 - 10/24/19 05:54 PM Re: title company submits eisigned payoff request Burgess
ItNeverEnds CRCM Offline
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Joined: Oct 2006
Posts: 995
Looking for my sanity
Just to add recent personal experience. I just sold my house and the title company did esign for a lot of documents, but required the payoff request to be printed and scanned or delivered. They noted this was a requirement by the bank. That bank is the largest bank in the US. So from my personal experience, I can tell you that bank won't accept an esigned payoff request.
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