The Virginia State Legislature enacted Bill No. 2318 today. It allows notarization of documents via the electronic media. Looks like the equivalent of on line title searches performed in India. Virginia may become the focus of mortgage signings in the future. The signing agents over on notary rotary are already complaining about the potential loss of business from the other 49 states to the Virginia signing agents. All the signing agents regardless of whether or not located in Virginia suspect that severe downward pressure will be exerted on their fees because they will all be e-signings not requiring travel,  and there will be minimal printing of documents. Needless to say the Virginia signing agents do not sound too enthused about the new law....more work for less money...sounds like the old volume discount stuff that the abstractors used to hear?

The unfortunate thing for Virginia signing agents is that they may find themselves in a position of having to notarize these loan documents for the minimum notarization fee required by law since the amount of documents requiring their notarization may be minimal, and it is not clear how the closing would be supervized with the notary located in Virginia and the borrower located in another state connected only by electronic/telephonic media.

In time it will be interesting to see whether a backlogue of closings develops with the Virginia notaries and a reduction of notaries in the other states to take the overflow. The title companies and signing services are always running around trying to get a closer at the last minute...take a number.

Question...does this open the door to having notarizations and closings done in India rather than Virginia because the price is cheaper over there? The notarization, if such a thing exists over  there, would be valid in the location performed, but verified through electronic media in America?