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Archive for October, 2010

Mortgage Mess: Documents Forged and Missing??

October 24th, 2010 No comments

“Prosecutors allege that corners may have been cut, signatures forged, documents backdated and/or lost……valuable Promissory notes missing, Robo Signers….” according to ‘Shredding the Dream‘ article appearing in Bloomberg  - You must be kidding , right?

Does this finally bring us to the tipping point to fully engage e-Mortgages?  As defined by the Mortgage Bankers Association (MBA) an “e-Mortgage is one that starts electronic and ends electronic”- read NO Human hands on a piece of paper. Settleware’s definition also includes ‘Compliance, Compliance, Compliance’! By integrating our secure e-Signature workflow into the mortgage process, including e-Disclosures, e-Notary, e-Recording, e-Vault and e-Notes, documents are prepared, reviewed and signed in a pure safe and secure environment. Once parties are authenticated documents are e-Signed , locked down/tamper proofed, and can no longer be manipulated. No missing documents, pages, signatures or initials and all information is 100% legible-No Faxing and No Scanning. Documents are then securely stored in an e-Vault along with a tamper resistant audit trail for safe harbor and accessible only to those with proper credentials and permissions.

Now is the time for all good men…..to remove the paper friction and eliminate these issues clouding the market – all parties would welcome this relevant technology, especially the courts!

Brought to you by: Settleware e-Signing

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Introduction: “Making a Difference – One e-Signature at a Time!”

October 19th, 2010 No comments

 by Rick Triola, Settleware Founder

Recently, I was asked “WHY do you do what you do?” my first reaction – WOW what a great question! (Needed to stall a bit so I come up with some ‘genius’) Actually, I didn’t have to dig to deep-we live our passion every day.

Back in the late 90′s and after 25 years of selling real estate, I made a leap to the escrow/settlement side of the business. We needed to come up with a competitive differentiator. At the same time the Internet was coming into its‟ own and I thought” Wouldn‟t it be great if we remove the stress and friction associated with largest transaction most consumers would ever be involved in and connect all parties and documents over the Internet?” By giving back both the escrow officer and agent a „lifestyle‟ change and not having to chase signatures and documents all over town (and sometimes the World when clients were traveling) this would surely be a „Game Changer‟ (name of the book I co-authored to be released in November, 2010). Because of our domain experience we understood that we would need to start with „the end in mind‟ and by getting „Buy-in‟ along the way. We also knew this would be a tremendous challenge as there are so many entities/parties that are involved in the transaction; Buyers, Sellers, Borrowers, Agents, Lenders, Title, County Recorders, Notaries, Secondary Investors and Escrow/Settlement/Closing agents.

When we initially approached lenders extolling e-signature benefits they quickly grasped that this was a „No Brainer‟ but the response also included „If you get Title to issue Insurance against the process and Fannie Mae to buy the electronic Promissory Notes – I‟m in! When we spoke to Title they said “great idea-if you get the County Recorder to accept these e-Signed docs – we‟re in! You guessed it – County Recorder‟s said „if you get approval from the Attorney General” and Notaries said “if you receive the nod from the Secretary of State” – no problem. So, for nearly 8 years we have spent each and every day checking these players off the list. Thankfully, along the way, President Clinton signed the e-Sign Act which gave us standing and validation.

In 2004, we became the first company to go live with e-Signing, e-Notary, e-Recording and in 2007 we added „Certified by MERS e-Registry and selling e-Notes to Fannie Mae‟. Still today we are the ONLY e-sign Solution provider that has taken the time and spent the resources to deliver this Compliant End-to-End Solution. (One of our e-Sign competitors continues to boast that they have spent over $3o million of venture capital – just to deliver an email signature and none

of the above!) The process is so unique that we received a patent in the US and Australia! (Patents pending in the US, Canada, Mexico, Hong Kong and the EU)

We plodded through, worked with Industry leaders and pioneers, and we never looked back-WHY? Because our mission from day one was to streamline the entire real estate/mortgage transaction and have become the first and only platform that can boast a TRUE end-to-end transaction over the internet-No Faxing, No Scanning and No Paper!

Next question, “This has taken nearly 10 years to gain Buy-In and to develop – besides your clear Vision to Disrupt the way future RE/Escrow transactions would be processed – where did you get the perseverance to sustain yourself, especially in a industry without any Early Adopters? Another great question…”We believed that if given a chance to legally sign/execute documents/contracts over the Internet why would any escrow/closing agent or REALTOR® want to drive all over town chasing signatures and documents to open or close a transaction. It just made to0 much sense – what professional would not want to be tethered to a fax machine, scanner or worst yet to an expensive overnight carrier” (OOPS – sorry we closed at 5pm)

So here we are today, introducing e-Signing to the folks that „Start‟ the entire process-REALTORS® and Escrow Officers. It didn‟t make much sense to get these pros on Board until we received total Acceptance from all the parties afore-mentioned. Since we have now trained thousands of Agents we are being asked “what Escrow/Settlement companies are processing escrow related docs electronically?” These‟ early adopter‟ agents are now anxious to complete the entire process electronically since they have introduced e-Signing to their Consumers and now to have to Open escrow with a company that is still so 90‟s – nothing more frustrating to have to now go back to original paper and Wet-signing!

We have now come full circle, Escrow companies have now been licensing our patent and technology and it won‟t be long before we see the „tipping‟ point where every real estate transaction will be processed over the Internet- in minutes vs. days!

We are currently embracing REALTORS®, MLS/Associations, Board of Realtors, Escrow Officers and Brokers to join our Cause to truly „Make a Difference-One e-Signature at a Time!‟- that„s WHY we do what we do every day and enjoy every minute of it!

October, 2010

C. Richard Triola, President & CEO, Founder
Settleware® Secure Services, Inc.
www.settleware.com
 

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Settleware ‘Inks’ e-Sign Deal with Yolo County Board

October 15th, 2010 No comments
    Settleware introduces first ‘pay as you go’ model, free transactions and patent protection for all members.

    Newport Beach, CA (Vocus) October 15, 2010
    Settleware Secure Services, Inc., the pioneering leader providing electronic real estate transactions, is proud to announce that Yolo County Board of REALTORS® (Yolo A.R.) has licensed both its innovative electronic signature technology and US patent for the benefit of all YAR members.
    “We are excited to partner with Yolo County Board of REALTORS® (Yolo A.R.) and its’ visionary leadership to provide relevant e-Signing technology to all Association members, enabling each member to take their business to the next level,” says 30 year real estate veteran and Settleware President & CEO, C. Richard Triola
    “The Yolo Board of REALTORS® (Yolo A.R.) is proud to add Settleware e-Signing as a free membership benefit to our Realtor members.” e-Signing is a safe, quick method of signing documents that will assist our agents and clients with their transactions. Providing Settleware e-Signing as part of our Yolo Board of Realtors membership not only enhances the professionalism of our members, it provides their clients with a secure, fast method of signing documents,” stated Karen Hulbert, Vice President, Yolo County Board of REALTORS®.
    “We fully understand these trying times and the challenges that our real estate colleagues face on a daily basis. With this offering no Agent will be left behind and all will have the immediate benefit of processing legally binding, compliant documents in real time – collapsing critical time frames and eliminating the associated paper ‘friction’ they currently experience with each and every transaction. It’s hard enough these days to close a transaction without having to chase documents and signatures all over town,” continued Triola.
    Settleware has pioneered and served as catalyst for a pure end–to-end pure electronic and paperless real estate/escrow transaction, spending years collaborating with Industry pioneers and experts to gain Industry wide ‘buy-in’. Settleware is the first and only e-Sign solution provider that has been certified by County Recorders (e-Recording), Secretaries of State (e-Notary), Fannie Mae (e-Notes) and MERS e-Registry (e-Vault), Wells Fargo and One West Bank.
    About Settleware
    Settleware e-Signing was created by REALTORS® and. has been spearheading the initiative to facilitate a complete electronic and paperless real estate transaction over the Internet since 1999. Today, Settleware is the leading provider of electronic signature, e-Mortgages, e-Notarization and e-Recording workflow to the real estate, mortgage, closing/escrow industry and offers the first and only true end to end paperless transaction, from opening to closing – offer contract – to escrow – to county recorder – to the Secondary Investor. Real estate clients include agents from Exit Int’l, ReMax, Coldwell Banker, Prudential and Keller Williams and many independents.
    The company’s low-cost and patented Cloud computing solution is offered independently or through Broker’s, MLS and REALTOR® Associations to benefit over 1+ million members nationwide. To learn more how Settleware contact us 888.632.3833, or visit us at www.settleware.com. Join the discussion by subscribing to the Settleware’s blog at www.settleware/blog and become a Friend on Facebook.
    About Yolo County Board of REALTORS® (Yolo A.R.)
    The Yolo County Board of REALTORS® strives to be the premier trade association dedicated to the professional development of its membership.
    The purpose of the Yolo County Board of REALTORS® is to provide professionalism, knowledge and resources to better develop (support, protect and guide) our membership through innovative programs, locally focused services and advocacy for ethical business practices and individual property rights. For information please visit https://www.yolorealtors.com/. Friend us on Facebook.
    Contact:
    Rick Triola
    2901. W. Coast Highway, Suite 200
    Newport Beach, CA 92663
    Direct: 949.289.3299
    ###

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JPMorgan Suspends Foreclosures over ‘Robo-Signing’ Controversy

October 5th, 2010 No comments

Published on FierceFinance (http://www.fiercefinance.com)

By Jim Kim
Created Sep 29 2010 – 8:33pm

For mortgage servicers, the recent moves by GMAC Mortgage and JPMorgan Chase to suspend foreclosures is nothing short of a nightmare. Lawyers for aggrieved mortgage holders have thrown a huge wrench into the market with revelations of so-called robo-signers who sign documents en masse, without personally reviewing the documents they are supposedly attesting to.

A  deposed Chase employee said she and her team signed off on about 18,000 foreclosure documents a month without reviewing the loan files, reports MarketWatch. Up to 56,000 cases are affected.

At GMAC, a professional signer said he signed up to 500 foreclosure affidavits a day without reviewing files or having his signatures notarized, MarketWatch notes.

This has exploded into a huge control and compliance issue that may expand to other mortgage servicers, while presenting something of a gift to affected homeowners. Lawyers would like to pain this as an issue of servicers not knowing who holds the note. But in the case of JPMorgan, signers say they relied on the work of others in the firm. That may not prove to be enough, however.

The servicers have seen enough to know that suspending foreclosures is the safest move right now. State AGs are taking a close look at the situation. It’s all complicated by the fact that the U.S. is a big owner of GMAC.

For more:
- here’s a MarketWatch article [1]

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