E-signs of the times: How e-signatures, e-notarization confound mortgage lending
by Jeanne Pinder
You use electronic signatures these days just about everywhere: when you scrawl with your fingernail on a coffee shop tablet, click to accept an online contract, even when you type your PIN at the ATM. So different forms of e-signing are commonly accepted everywhere, right?
Not so fast. In the banking world, e-signatures occupy a dark, mysterious thicket of state and local regulations. Rules on acceptances vary from bank to bank and transaction to transaction. A welter of different methods exist: Click to sign? Type in your name? Or is a full “wet” signature required with a raised notary seal? Which is right when and where? How can I know?
For all the finality signing on the dotted line represents, e-signatures raise a flurry of questions that lack universal answers. And as with so many things involving digital speed, it’s largely an issue of technology outpacing reality.
Electronic signatures came quickly with the rise of the web, but a patchwork of state regulations and company practices led to conflicts and inconsistencies. The Clinton administration regularized the mess, to a certain degree, with two e-signature laws: The federal Electronic Signatures in Global and National Commerce Act (ESIGN) and Uniform Electronic Transactions Act (UETA) both date to 2000.
Read more here.....
Not so fast. In the banking world, e-signatures occupy a dark, mysterious thicket of state and local regulations. Rules on acceptances vary from bank to bank and transaction to transaction. A welter of different methods exist: Click to sign? Type in your name? Or is a full “wet” signature required with a raised notary seal? Which is right when and where? How can I know?
For all the finality signing on the dotted line represents, e-signatures raise a flurry of questions that lack universal answers. And as with so many things involving digital speed, it’s largely an issue of technology outpacing reality.
Electronic signatures came quickly with the rise of the web, but a patchwork of state regulations and company practices led to conflicts and inconsistencies. The Clinton administration regularized the mess, to a certain degree, with two e-signature laws: The federal Electronic Signatures in Global and National Commerce Act (ESIGN) and Uniform Electronic Transactions Act (UETA) both date to 2000.
Read more here.....
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