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Old 08-05-2008, 04:25 PM
 
Location: northern california
380 posts, read 2,115,501 times
Reputation: 147

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Our mortgage broker allows us to e-sign the loan docs. He said the escrow officer will still go over all the docs (and I plan to review them beforehand anyway), but she can then just click on our signatures online so we don't have to manually sign so many docs. He said it's easier to use and funding is very fast.

I'm hesitant because I generally prefer to have copies of documents I sign w/ my actual signatures on them. I do use e-signatures to file tax returns, but am nervous about other docs such as loan papers, where I might one day get into a dispute over what we actually signed. I don't know how we could prove which docs we signed or did not sign.

Am I being too paranoid, or is it better to have hard copies of docs w/ our actual signatures? Thanks for any input.
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Old 08-05-2008, 06:05 PM
 
Location: Cary, NC
1,036 posts, read 3,628,214 times
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E-docs are great in that the do save time, money... and the environment. I do some initial disclosures with electronic signatures for this reason. It saves me maybe a few dollars on paper/ink, but the main goal is the environmental cost in the tons of paper each loan generates. Most lenders I work with now accept that and since we e-fax or scan in most docs, we never have to print many documents. Its also easier to secure than having hard copies laying around as well.

However, I don't do E-docs for closing because most clients have the same fear you do. From all the literature I have read they are very secure, and you do get a copy on CD or .pdf of your closing docs for future reference. 95% of the time, other then the HUD and Mortgage Note/Deed the rest of the documents are useless. The only time any of the docs really matter is when you refinance (and the E-docs will be fine with most lenders) or when you sell.

No one wants to be in that 1 in a million case where they need a doc and they do not have a hard copy with ink on it though. Maybe in a few years... but not yet.
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Old 08-06-2008, 12:58 AM
 
Location: northern california
380 posts, read 2,115,501 times
Reputation: 147
Quote:
Originally Posted by rcarrillo View Post
E-docs are great in that the do save time, money... and the environment. I do some initial disclosures with electronic signatures for this reason. It saves me maybe a few dollars on paper/ink, but the main goal is the environmental cost in the tons of paper each loan generates. Most lenders I work with now accept that and since we e-fax or scan in most docs, we never have to print many documents. Its also easier to secure than having hard copies laying around as well.

However, I don't do E-docs for closing because most clients have the same fear you do. From all the literature I have read they are very secure, and you do get a copy on CD or .pdf of your closing docs for future reference. 95% of the time, other then the HUD and Mortgage Note/Deed the rest of the documents are useless. The only time any of the docs really matter is when you refinance (and the E-docs will be fine with most lenders) or when you sell.

No one wants to be in that 1 in a million case where they need a doc and they do not have a hard copy with ink on it though. Maybe in a few years... but not yet.
Well, glad to hear I'm not the only one worried about using the e-docs for closing. Unless they print out w/ my signature on each document, I think I'll go for the old-school ink-to-pen route. (I do try to pay bills online, etc, so hopefully that'll make up for some of the trees we're about to kill w/ this mortgage ).


Thanks so much for the info!
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