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David Lykken: Why e-mortgages make sense for lenders

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Mortgage Professional America | 20 May 2014, 04:43 AM Agree 0
E-mortgages may be set to become the norm, whether originators like it or not
  • Wm Matz | | 20 May 2014, 10:18 AM Agree 0
    e-mortgages sound great in theory. But my client's recent purchase exposes the danger of e-docs in purchases or mortgages.

    Clients were doing all-cash purchase, short time frame, seller's market. Agent rushed one thru all docs and disclosures, e-signing all. [Agent even e-signed some for clients.] Other buyer never saw.

    Big undisclosed problems with home will require rescission.

    Problem with e-docs is too easy to "forge" signatures. If a doc is e-signed difficult to show whether actual party signed. Expect claims of non-disclosure to explode. [in our case, easy to prove "forgery": agent misspelled both buyers' names when signing!]
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