Shirley's San Antonio Real Estate Blog

Hi Shirley, Ten Minutes?? I must be missing something, because even without explanantion, I think it would take me longer then 10 minutes just to sign all the documents! LOL!!  I would love to see how this works, though.  It does sound very convenient, especially for busy people and like you said, those folks who live in another area of the country.

I'm not so sure that I like paperless contracts, or documents.  I definately don't like having my health records in a paperless form.  It's too easy to change electronic information; not that a doctor or nurse would ever do that, right?

sounds like a great idea until you get a blackout due to weather or a virus. hahaha

There are a few lenders who require e-closings.  This can be tricky because when they rolled out this program last year, there were so many bugs and software issues that title companies had a tough time.  Their computer techs were on the phone with the lender's tech, everyone was frustrated etc.

I hope they have worked all the bugs out by now.

My office does not require e-closings at this time, we are paperless, except for the loan docs.

It does appear to be the wave of the future.

I sure hope it is Shirley! It would make all our jobs easier for sure.

Hi Mary, That's what I thought, too... 10 minutes?  I think that is just for the lender part of it.

Hi Gregg, If a health care provider got a patient's health records subpoenaed, it might be easy to change some incriminating evidence with paperless records.  hmmm

Good point, Angelia!

Yikes, Melissa.  They should make sure everything is working as it should before rolling out a program.

Hi Trey, It sure sounds easier.

I'd love for the paper to go to the wayside.  I'm bookmarking this.  Thanks Shirley....

You know, people talk about 'paperless closings' but I have not been involved with one. Although, we do provide faxes and images copies of items. I dont think that actually qualifies.

I'd love to see the world go paperless to help save our forests and wildlife. My office has been 95% paperless for eight years. In my specific business, I haven't been able to figure out a convenient way to get that other 5% paperless. If Clients would give me one week's notice instead of one day's notice, I could do it.

Concerning Gregg's comment (#2), my health records have been digital for at least five years that I know of, and if you are in a big city with a big HMO or PPO, your health records are already digitized even though you don't know it.

The only thing I've noticed about digital health records is that the doctor's office visit takes longer now because the doctor won't look at the digital records like he would the records in the file folder. So they tend to ask all the same questions each time I go in:

• What are you allergic to? I told you once in 1993, which was good enough for 11 years. Now I have to tell you every time I come in?

Hi Shirley... while I do think that paperless is the way of the future, I also think that the time estimate of 10 minutes is optimistic and 90 minutes (I have never had a closing take more than 30-40 for the most complicated ones) is exaggerated.

Thank you, Larry!

You will probably being doing them soon, John...

Russel, When I think of all the paper that has been generated by real estate transactions... Yikes!

I thought the same thing, Steve, but that is what they said and I put it in quotes for that reason!

As the president of Alamo Premier Mortgage i thought i would take this opportunity to answer your questions and issue an open invitation to our next eClosing.

• Mary Douglashad a comment about the 10 min. part. remember this is how we at the mortgage company and title have been doing this for over 4 years now, we email it back and forth, then we approve HUD and customers come in and look at it for the first time. Now we send all the paperwork ( all of it) and we call them and go over all of it where we spend 30min to an hour. that happens 3 days prior to closing, especially the HUD and the note. at eclose they go over the HUD only and the Note and as long as they match they sign twice and i sign as a closer and we hand them a CD and give them a link where the docs are kept for the life of the loan plus 7 years.
• Gregg Wynnmentioned paperless contracts. remember Greg they had to do a RESPA signatures at our office or via email and fax or email back all docs prior to initiation loan. there is paper and they can print it anytime
• Angelia Garcia. Blackout due to weather or virus is a valid point, that is why we do this 3 days in advance and have the docs either on line, or on a USB drive, email or a CD. blackout is rear virus cant change scanned docs. remember this is what your title company gets now. the only difference is we go the extra step and share them with the customer now. Realtors can see the paperwork 3 days in advance too.
• Melissa Kulikoff, yes there was issues as in new technology, that is why we are rolling this out now, we have been training on this and running it in the background since January. i feel the time is now!
• Shirley Parksgreat answers! the 10 minute thing is the customer's part see my comment to MARY.
• John Cannata, you are correct emails and faxes are not paperless, Suntrust tried this earlier this year with 1/2 wet and 1/2 dray where they showed the docs and only printed HUD and Note. that is not considered paperless either.
• Steve Shatsky you are correct with your comments, the signing takes ten minutes ( actual time on our first closing was 18 minutes due to signature pad problems with the laptop. see pictures our site, second loan with the blevins on my PC actually took 8 minutes for the second lien and 6 minutes for the first lien ( paperless) . remember all we go over is the Note rate and the APR and the HUD which has been discussed 3 days prior and cant change at all. the new rule is 3 days APR check went into effect October 2, 2009. can you spend more time talking yes, but once the client types their name and email and password in the system the sign and co borrower signs too it is over pretty quick.
• Shirley you can quote me. after the Blevins signed the paperwork i gave them a CD, we sat and talked about the new baby they had for another 10 minutes..so it can take longer if the client has a 2 week old cute baby with them. LOL

Hi A J, Thanks for calling me this afternoon to invite me to your next paperless closing.  Also thanks for addressing each of the comments above.  I agree about the cute baby.  I love babies more than anything and if there is one around, anything will take longer.  Cheers, A.J.

AJ is correct.

This platform is completely paperless and it takes about 10 -15 minutes to close a transaction. The system appends the signatures to all signature lines on the closing package. One signature for the note and one for the signature package. You can close anywhere that you have a wireless connection signature pad and a laptop. The frst one in Dallas was done with the co borrowers in different physical locations. The training is pretty simple and it is a great customer experience.

For title companys, they no longer have to print out he docs, make copies or ship the closed loan package. The cost savings can add up quickly.

If you want your customers to have a great experience you should try a true eClosing