Realtors adopting new technologies, some are confused
We were recently asked by a Realtor who is new to technology an interesting question – if they used an e-signature service, will they be part of the mortgage probe looking into bank wrongdoings? They asked if it mattered which service they use and if it is more legal to use digital signatures on an iPad than on a smartphone and if it mattered which bank they were using with their client as to whether or not it will be a legal signature.
Reader, you may already know the answers to these questions, but rest assured, there is a segment of people who do NOT know the answers and are scared and embarrassed to ask.
E-signatures versus robo-signing software
We told our Realtor friend that e-signature services like AG supporter SureDocs as demonstrated in full in the video above are not the same thing as the robo-signing services used at banks. E-signatures, also known as digital signatures, which is simply a digital authentication method- think about signing a piece of paper as authenticating that you agree to all terms… digital authentication simply means you sign a screen rather than a piece of paper. Digital signatures rely on a digital ID that is unique for each user and then each each use is a tiny block of digital information attached to documents you sign, all encrypted and unalterable.
A robo-signature is strictly when a foreclosure document is signed by using without manual review (as it is assumed to be correct), moving the foreclosure process forward faster.
The takeaway
See the difference? One is simply your signature and your clients’ signature on a computer (safely encrypted and unalterable) while a robo-signature is exclusively when a foreclosure document isn’t reviewed by a human and simply moves the foreclosure process ahead. Realtors, you’re not responsible for the robo-signing debacle and digital signatures are legal and common in many fields including real estate, so fear not e-signatures and worry not about your involvement (or lack thereof) in the robo-signing scandal.
