I own a law firm that performs title work as well. We perform title work in MA, ME, NH, RI, VA, and MD. We work with some national lenders, a number of whom are looking into e-sign technology, some who are already there. I work with one wholesaler, who probably submits more e-sign loan documents than any other to fannie mae. You still, in the states I practice, have to be a notary, as i am requried as the closer to also provide an e-signature stateing that i am a notary, and have properly reviewed the signers personal information.
I think E-signing is great, if it doesn't get abused. I saw a post about back dating, for instance, it is unbelievable easy to click through and say you are the borrower and sign a package - with no one being there. Until we more effectivley weed out notaries, and title companies that allow back dating, that don't follow the rules, i worry about some abuses we could see with e-signings.
Other than that, I have already as a business owner saved money on printing costs and file stoarge costs. The accuracy of document signing and dating is taken away. Anyone who has closed a loan with kids running around, sellers/buyers/realtors, it is easy for someone to improperly date, or initial a page the shouldn't, and you can be forced to re-print a whole apackge, or slow the process down to make those errors - all eliminated by e-sign.
I would love to continue the conversation of pros and cons of the e-signing, including what lenders are doing it.