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Governor of Louisiana to sign emergency declaration today allowing for RON transactions
Posted on 3/27/20 at 3:13 am
Posted on 3/27/20 at 3:13 am
JBE will sign an emergency proclamation pushing through remote online Notarization today to help wills, real estate transactions, trusts, etc. Louisiana will follow every state across the US in allowing for emergency RON transactions.
This will be huge for everyone trying to refinance or purchase a home.
This will be huge for everyone trying to refinance or purchase a home.
This post was edited on 3/27/20 at 3:14 am
6
Posted on 3/27/20 at 6:17 am to MrLSU
So I’m locked in and ready to refi right now but the bank is telling me I will need my house appraised by someone who needs to come inside to take pictures. Could this alleviate the need for someone to physically check the home? I’m happy to give someone a virtual tour.
Posted on 3/27/20 at 6:53 am to MrLSU
Does it force courthouses to accept remotely notarized docs as well?
Also, companies are gonna need time to get all this set up and trained on it. I'm a notary, so I'm fully expecting to get calls first thing this morning expecting me to be able to do this shite with no notice
Lastly, I fully expect major user error on this too. Lots of older folks barely know how to print out docs correctly, much less download this software and use it correctly.
ETA: For the downvotes, I'm in favor of getting LA into the 21st century on this. I think this is great for the people scrambling to draw up wills amidst the panic to be safe. My comments are more for the real estate side, which is going to require the clerk of courts get on the same page, lenders being OK with e-sigs on their docs, title companies/notaries getting trained and implementing the software... a lot of places are short staffed or working from home, so it's not the easiest time to make a big change to how closings are done.
Also, companies are gonna need time to get all this set up and trained on it. I'm a notary, so I'm fully expecting to get calls first thing this morning expecting me to be able to do this shite with no notice
Lastly, I fully expect major user error on this too. Lots of older folks barely know how to print out docs correctly, much less download this software and use it correctly.
ETA: For the downvotes, I'm in favor of getting LA into the 21st century on this. I think this is great for the people scrambling to draw up wills amidst the panic to be safe. My comments are more for the real estate side, which is going to require the clerk of courts get on the same page, lenders being OK with e-sigs on their docs, title companies/notaries getting trained and implementing the software... a lot of places are short staffed or working from home, so it's not the easiest time to make a big change to how closings are done.
This post was edited on 3/27/20 at 9:59 am
Posted on 3/27/20 at 7:05 am to MrLSU
From what I’ve read you’ve got to jump through some hoops to make it happen with a RE transaction.
Just to get on my soap box - shouldn’t we be penalized because our state legislature hasn’t acted on something that makes this much common sense? It’s something that could have easily been implemented 2 decades ago. Instead we have them up there figuring of ways to not allow DFS because their favorite portion of the government isn’t getting the taxes.
Just to get on my soap box - shouldn’t we be penalized because our state legislature hasn’t acted on something that makes this much common sense? It’s something that could have easily been implemented 2 decades ago. Instead we have them up there figuring of ways to not allow DFS because their favorite portion of the government isn’t getting the taxes.
This post was edited on 3/27/20 at 7:06 am
Posted on 3/27/20 at 7:46 am to BengalBlood81
quote:
So I’m locked in and ready to refi right now but the bank is telling me I will need my house appraised by someone who needs to come inside to take pictures. Could this alleviate the need for someone to physically check the home? I’m happy to give someone a virtual tour.
Freddie Mac and Fannie Mae are waiving the inside house appraisal requirement right now.
Posted on 3/27/20 at 8:42 am to MrLSU
yes - interiors of homes make no difference in value. 
Posted on 3/27/20 at 9:08 am to BengalBlood81
Just refinanced mine. Appraiser said he wasn't even allowed to come inside right now with all this going on. He just asked what updates were done on the interior and did a walk around for the exterior. No big deal.
Posted on 3/27/20 at 10:55 am to TroyHenley
Where are you located?
Posted on 3/27/20 at 11:10 am to MrLSU
Do you have a link for more info about this? I tried google but couldn’t locate much. TIA
Posted on 3/27/20 at 11:24 am to MrLSU
quote:
This will be huge for everyone trying to refinance or purchase a home.
Hoping the rates come down so many more are able to refinance
Posted on 3/27/20 at 1:27 pm to MrLSU
Just had mine appraised last week and all was normal. I would have felt shorted if they didn’t look around to give me the credit for the updates we have done.
Posted on 3/27/20 at 7:22 pm to MrLSU
Notary’s in Louisiana can be added to my list of complaints about the cost of living here. In Texas, I always went to the bank to get something notarized and it was free. Here you have limited choices and are charged about $25 per signature. I had a loan renew on a rental property the other day that required 6 places to be notarized on the paper work. Fortunately I found someone this time that only charged $15 per signature, so $90 versus the $150 I had to pay last time.
Posted on 3/28/20 at 9:43 am to Ramblin Wreck
quote:
In Texas, I always went to the bank to get something notarized and it was free
Were you a customer at that bank? That's why it was free. Why would a random notary that has no connection to you do it for free? What would be the point of taking the test and getting licensed if you couldn't make money off of it?
Plus, there's risk involved. Notaries should be carrying some sort of malpractice insurance, so yeah, that cost gets passed to the customer
quote:
charged about $25 per signature
You can probably find cheaper if you look around. I might charge $20-25 for the initial signature, then maybe an additional $5 for every extra signature. But it varies and depends on what it is. Some things require more work than others. And if it's a frequent customer I will usually do it for $10
Posted on 3/28/20 at 12:25 pm to Neauxla_Tiger
It must be a lot easier to get a notary in Texas. I would usually just walk in any random bank and get it done. They do it as a courtesy. The only time I ever saw someone charge a fee is when an out of state bank had a third party oversee an entire home sell closing package. Seemed kind of comical. I met the guy in a parking lot and signed all the paper work. Gave him the closing check and he left.
Posted on 3/28/20 at 12:47 pm to Ramblin Wreck
Louisiana Notary is much tougher than pretty much any other state bc they can do way more with it.
Posted on 3/28/20 at 1:13 pm to TroyHenley
quote:
Appraiser said he wasn't even allowed to come inside right now with all this going on
He is full of shite. Just had mine appraised. Guy came in and walked through the house just like normal.
Posted on 3/29/20 at 4:43 pm to SG_Geaux
Watched a CLE on the subject Friday. No way Louisiana doesn’t f this up. No way it really gets implemented in a short timespan.
Posted on 3/29/20 at 5:54 pm to td1
notary fees are 19th bullshite anyway.
the notary i use for my invoices and lien waivers doesn’t even check ID. I’ve sent others to get shite notarized with my signature and they stamp and sign without me
I mean really...what is the point?
in 2020 I sign contracts electronically that bind me to millions of dollars of work
the notary i use for my invoices and lien waivers doesn’t even check ID. I’ve sent others to get shite notarized with my signature and they stamp and sign without me
I mean really...what is the point?
in 2020 I sign contracts electronically that bind me to millions of dollars of work
Posted on 3/29/20 at 9:57 pm to cgrand
That must just be that notary.
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