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CHARLENE PERRY's Blog's still alive and well
by CHARLENE PERRY | 2012/01/05 |

But with a twist.  Since the explosion of media attention given to the robo-signing debacle lenders and servicing agencies have all said that they have changed their ways and that robo-signing is no longer an issue, UNLESS...


You consider the widening use of electronic signtatures. 

E-signatures have been around for a while and many companies are marketing this as the next best thing for the closing process.  But, in addition to that, lenders and servicing agencies have discovered that they can get thousands of documents signed without so much as a hand cramp simply by using e-signatures.

Electronic signatures are legal in may jurisdictions, including Guilford County, NC.  A recent study done by Jeff Thigpen, Register of Deeds in Greensboro, NC reveals that banks have wised up and rather than having several people signing the same persons name over and again, the banks are now using e-signatures. 

According to records compiled by Mr. Thigpen the use of e-signatures has dramatically increased

Since the forgeries were uncovered, Bank of America’s filing activity has shifted more than that of any other bank. According to records compiled by Thigpen, a woman named Bethany Smith signed off on 97 land records for Bank of America in Guilford County between May 1, 2010 and October 30, 2010.

Over the next six months — from November 1, 2010 to April 30, 2011 — Smith approved 1187 documents filed with Thigpen’s office — more than 12 times as many documents as she signed in the six preceding months. Each document appears to have been signed electronically.

There is absolutely no way to tell whether or not the documents that contain an e-signature were ever reviewed by the person whose names appears in the signature line.   But, I assume, because the use of e-signatures is allowed in Greensboro, NC as well as in other jurisdictions, there will also be no in which to ever challenge the validity of the documents should that need ever arise.

I have said many times here in this forum and others that I do absolutely love technology.  But, with all technology comes the unintended consequences of mis-use as is suggested by Mr. Thigpens review.

Soon, particularly as it relates to the real estate title industry, human beings will not be needed at all; robots can be programed to load documents, enter data and command the computer to print and deliver the documents to the court. 

Do you have your resume up to date?  Maybe it's time.


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