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November 29, 2010

12 Points On e-Notarizations

e-notarizations information

Each state has different standards for e-notarizations. Please remember that e-documents and e-signings are completely different from e-notarizations. Here are some points about e-notarizations that are interesting.

(1) To do e-notarizations you need a special authorization from your state, and not all states allow this. The rules are completely different for e-notarizations and the types of documents you can notarize are limited as well.

(2) LindaH in our forum stated on 1-05-10 that the NNA is no longer supporting the ENS program (Electronic Notary Signature). There were technical challenges offering that particular technological product. There are no unified standards for e-notarizations which was part of the problem.

(3) ENJOA is an electronic journal. e-Notarizations require the use of an electronic journal and can not be completed with a regular journal. e-signings use a regular journal by the way.

(4) BobbiCT claims that in Connecticut that multiple documents can serve as “originals”. He states that physical documents can be scanned and used as electronic documents that receive an e-notarization.

(5) Many states do not allow a recorded document to have an e-notarization. Recorded documents are often documents effecting real property which is too critical to risk security issues relateing to e-notarizations.

(6) Its common for states to set up e-notarization legislation years before the first e-notarization is completed and years before the first e-notary is appointed in their state. States are thinking ahead. The problem is there can be many bugs in the new systems that are in place which make e-notarizations potentially less secure than “brick and morter” notarizations.

(7) Biometrics can be used on e-signatures on e-notarizations to record the speed of the various strokes involved in a signature. This is one excellent way to deter fraud. Its easy to forge a signature, but no fraud would be able to figure out what the speed of each stroke of the signature would be for a particular individual. There are too many strokes involved.

(8) An e-journal is required for all e-notarization acts. To get an e-journal, you would need to set up an account with a company who provides an e-journal system. You would probably need a login and password to use your journal, and god forbid if the server went down.

(9) 123notary doesn’t know of any particular notaries who have done an actual e-notarization. It sounds like fun though.

(10) LindaH claims that many borrowers she had talked to would not be thrilled if they were asked to be involved in an e-notarization.

(11) LindaH claims that its the state governments that are not prepared to handle e-signatures.

(12) Perhaps private industry and title companies might be ready, but if the county recorders can’t handle e-notarizations, then they can’t be used for recorded documents such as deeds, etc.

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November 27, 2010

e-notarization definition

e-Notarizations and e-Signings
 
e-notarization definition
An e-notarization is a notary act done purely online. The signer would not actually come into contact with the notary in many cases. Each state has different rules for e-notarizations, so learn your state’s rules if you want to do this. An online journal (ENJOA) would be used to record the transaction as well. e-notarizations would never be used for deeds effecting real property since those types of documents are very critical and involve high dollar figures. An e-signing is different from an e-notarization. Many states allow e-notarizations, but you generally need to get a special commission separate from your regular notary commission to be an e-notary.

e-signing definition

An e-signing is different from an e-notarization. E-signings are electronic loan signings where the notary visits the borrower’s home or meets the borrowers at a mutually agreeable location. The signer is present before the notary during an e-signing. Some or all of the documents in an e-signing are signed online while the remaining documents might be physical paper documents. The journal used in an e-signing would be a bound and sequential physical paper journal. e-notarizations are different from e-signings because the signer doesn’t actually appear before the notary in an e-notarization, and the journal in an e-notarization is electronic, and not physical.

Links

Colorado Notary e-notarization
http://www.123notary.com/forum/topic.asp?TOPIC_ID=2123
Arizona Electronic signatures
http://www.123notary.com/forum/topic.asp?TOPIC_ID=4256
e-Signings and e-Notarizations
http://www.pawnotary.com/kb/1-2.html

Notes

(1) edelske (forum member) claims that:

 e-signings are really slow and that the savings on printing costs do not compensate for the time consumed waiting for pages to load on your laptop.

(2) LindaH states in a forum post:

E-signings are a process where the mortgage documents are signed online at the lender’s website. You either have your laptop w/ aircard & internet connection or you use the borrowers’ computer (provided they have one and they have stable internet service) . You access a remote site, review some documents online with them and they sign by clicking on a button (the borrowers’ digital signature with the lender is set up ahead of time). If your state does not accept e-recordings, you will still need to print those docs that need to be notarized as they are “wet” signatures – and sometimes you need to print a copy for the borrower … oh, and maybe print an extra set of documents “just in case” the internet connection fails or there are issues with the website. The beauty of e-signings for the lender is that changes to docs can be made at the table, thereby avoiding no-signs…HUDs and TILs can be changed and re-delivered virtually immediately – so if your borrower doesn’t have a computer, be prepared to print table so they‘re provided copies of revised docs!! (So, IMO, in addition to carrying your briefcase with your standard equipment, you’ll now need to carry laptop with aircard AND laser printer)..

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12 points on e-notarizations

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