Lender/Title and Settlement FAQs
EscrowTab is the only eClosing solution that can be used nationwide to sign all notarized documents and the eNote using the borrower's handwritten, forensically-verifiable electronic signature - all without any integration work from your IT department.
What are the benefits of using the EscrowTab platform?
- ZERO integration needed - EscrowTab offers efficiency without disruption and is designed to be a truly 'plug and play' eClosing solution.
- Eco-friendly - Title agencies and notaries can eliminate 100% of paper from the closing process - saving time, money, and trees on your next closing, all while creating happier borrowers!
- Seamless transition - Lenders can be ready for eNotes immediately without procuring any additional technology or integrations. Lenders continue following their existing process of sending documents off to the title agency for closing.
- Eliminate risk of human error - No missed signatures or initials on documents. Documents can be corrected immediately on-the-spot!
How is EscrowTab different from other eClosing technology solutions?
- EscrowTab offers a comprehensive suite of services needed to facilitate eMortgages on a nationwide basis:
- DocPrep functionality that eliminates risk of missed signatures
- eNote creation provides lenders with tools to generate GSE-approved eNotes
- eClosing via In-person Electronic Notarization (IPEN)
- eVault storage offers secure, scalable, and cost-efficient storage
- These services can be used together for a total eClosing solution, or a la carte.
- EscrowTab's pricing is the most economical in the industry because we've built all our own technology rather than reselling other vendors' solutions.
You mentioned EscrowTab is simple... how so?
- When working with EscrowTab-enabled title agencies and settlement companies, lenders do not need to procure any technology to move forward with eNotes and can instead spend their time focused on trading partner agreements and eNote registry integrations.
- Title agencies can schedule a closing with a notary signing agent that has an EscrowTab-enabled tablet through several scheduling services.
- Notary signing agents can establish their EscrowTab profiles, upload their electronic stamps, and attend a live, 30-minute training session within three days. It's that easy.
Is EscrowTab an In-Person Electronic Notarization (IPEN) solution or a Remote Online Notarization (RON) solution? Can I do eNotes with EscrowTab?
EscrowTab is an IPEN solution that captures the borrower's handwritten, forensically-verifiable electronic signature in all the same locations they sign on-paper today, and EscrowTab is the only solution that captures the borrower's unique handwritten signature on the eNote - maintaining all the value of a paper closing - without the paper.
eNote functionality includes:
- eNote creation using EscrowTab's proprietary DocPrep service which creates the MISMO SmartDoc eNote.
- An eVault that can be used to register the eNote and, when needed, transfer the eNote to trading partners.
How do I know which lenders EscrowTab works with?
Since we do not require an integration into any lender systems, title agencies and settlement companies can electronically notarize documents using EscrowTab with most lenders. When the lender is interested in eNotes, settlement companies now have a solution for that as well.
Does EscrowTab offshore its software development work?
No. EscrowTab is proudly Made in the U.S.A.
How is the final file delivered to the borrower?
After closing, the borrower will receive an email that provides access to their signed documents to download and securely save.
If the documents are remotely stored in EscrowTab's eVault, will EscrowTab always have access to all of them?
We follow the policies of the lenders, title agencies, and settlement companies with whom we work. In some cases, this may include long-term storage and in others, destruction after several days.
Are companies utilizing EscrowTab in-house or with their notary signing agent network?
Both. Some banks are also using EscrowTab in their branch offices for HELOCs.
Would we order the notary signing agent through EscrowTab?
No. Implementing EscrowTab won't disrupt your existing process for scheduling closings, including coordinating with a notary signing agent. You can schedule a closing with an EscrowTab-enabled notary through several scheduling services.
Will EscrowTab always have access to the notary stamp?
Notary signing agents are the only individuals who can access their stamps using their unique login credentials.
How are fees charged?
EscrowTab charges a low transaction fee. We'd be happy to discuss that with you after we conduct a demo for you and discuss your eClosing plans.
I use (fill-in-the-blank) software for LOS/POS/TPS/eVault ... can I still use EscrowTab?
Yes! Loan documents from any document vendor can be used with EscrowTab and there are NO required integrations with other vendor systems unless requested by the lender or title agency.
Whose eVault can I use?
The decision is yours! You can use EscrowTab's proprietary eVault or a vault of your choosing. The eNote is signed in EscrowTab's proprietary, GSE-approved eVault and then transferred to the lender's eVault or the lender's trading partner (warehouse lender, investor, etc.).
We built our eVault to exceed the highest MISMO and GSE requirements. It is secure, scalable, and the most cost-efficient storage option.
Can I use EscrowTab if I'm using a remote online notarization (RON) solution?
EscrowTab can be used alongside any other types of eClosing solutions you may choose. IPEN, and by extension, EscrowTab, is a nationwide solution, whereas RON closings are not accepted by many investors and are not permitted in several key states, including California.
Does the notary signing agent need a tablet?
Yes, the notary signing agent needs access to an EscrowTab-enabled tablet. If the notary signing agent works in an office with other signing agents, a tablet can be shared.
How is the notary seal uploaded to EscrowTab?
Notary agents will provide their notary information during onboarding. EscrowTab will digitally create their stamp and upload it to their EscrowTab account.
Can users of the tablet do anything else on the tablet besides use the EscrowTab technology?
Not at this time. However, as we extend the software into the mobile app stores, users will have added capabilities with the tablets.
Signing Agents FAQs
What is EscrowTab?
What is EscrowTab?
EscrowTab is an In-Person Electronic Notarization (IPEN) solution built with notary signing agents in mind. Loan and title documents are uploaded into our eVault and assigned to an EscrowTab-enabled notary signing agent equipped with a tablet for a seamless, secure and efficient signing.
EscrowTab is the only eClosing platform that allows a borrower to sign an eNote and mortgage documents with a forensically verifiable handwritten signature.
What is In-Person Electronic Notarization (IPEN)?
- In-Person Electronic Notarization (IPEN) occurs when the borrower and notary signing agent are in the same location and the borrower applies electronic signatures to documents.
- A notary signing agent is allowed to electronically notarize the documents without any paper involved.
- IPEN is a nationwide solution.
What's the Value of EscrowTab for Notary Signing Agents?
Save on the two big ones - Time and Money
- Save $45 per closing in supplies and time
- Use the time you would have spent to print and paper, correct documents, and drive to ship the documents to:
- Conduct more closings and increase your income!
- Spend more time with your or family or doing what you love!
Are you endorsed by the NNA?
Yes! The National Notary Association (NNA) has endorsed EscrowTab and is providing a variety of educational opportunities about IPEN and EscrowTab.
In-Person Notarization (IPEN)
What is the difference between In-Person Electronic Notarization (IPEN) and Remote Online Notarization (RON)?
In-Person Electronic Notarization occurs when the borrower and notary signing agent are in the same location and the borrower applies electronic signatures to documents. IPEN allows notary signing agents to protect their local relationships and business.
Remote Online Notarization occurs when a signer appears before the Notary at the time of the notarization using audio-visual technology over the internet instead of being physically present in the same room.
Is IPEN legal in attorney states?
Yes, In-Person Electronic Notarization can be performed in attorney states.
Are EscrowTab and IPEN the same thing?
EscrowTab is the leading In-Person Electronic Notarization (IPEN) solution.
How soon will I recoup my ROI?
Soon! Notary clients have shared with us that within 25-40 closings, their investment in the Escrow-Tab enabled tablet has been met.
How quickly could I get a tablet to perform a closing?
In most circumstances, you can receive a tablet and be trained to perform a closing within 72 hours.
Do you provide training?
Yes of course! We offer one-hour live video trainings a couple times a week. Post-training you can reach out to us anytime for additional assistance by contacting firstname.lastname@example.org.
Does the signing process require a live internet connection or can the document be downloaded and signed?
Currently, yes, the signing requires a live internet connection. The new version of EscrowTab includes an “airplane” mode functionality that will allow you to use EscrowTab without an internet connection during the signing. Once the signing is complete and you return to an internet connection, documents will be available to the title company to access. This new version will be released in the coming months.
How does the borrower receive a copy of his/her documents?
Once the closing is completed, the borrower will receive a link that provides access to the completed document package.
Am I required to have a specific supported hardware to use this software?
Yes, at this time, an EscrowTab-enabled tablet is required.
When receiving the tablet, you'll also receive one Microsoft Stylus. If you would prefer each signer had their own stylus or would like a back-up, you may purchase an additional stylus here or from a retailer of your choice.
Will all borrowers be able to hold a stylus to sign?
Yes, certainly! Holding a stylus is just like holding a signing pen.
Is there an annual fee or just the one-time fee for purchasing the tablet?
There is just a one-time fee to purchase the tablet! Once you purchase the tablet, that's it - no additional fees!
How much does it cost to purchase or lease a tablet?
There are two options to obtain an EscrowTab-enabled tablet:
- You may purchase the tablet for $1,052.98 plus applicable tax. Your purchase includes an EscrowTab Surface Pro X, Bluetooth stylus, SIM with unlimited LTE, and a device charger.
- You may lease the tablet for $69.99 a month (minimum 6-month lease) plus applicable tax. Your lease includes an EscrowTab Surface Pro X, Bluetooth stylus, SIM with Unlimited LTE, MSFT Complete Protection Plan, and a device charger.
Are there any costs in addition to obtaining the tablet and stylus?
No. EscrowTab does not charge any platform fees or subscription fees.
What is the return policy when a notary makes an initial investment whether it is lease or purchase?
Once you purchase a tablet from EscrowTab, it becomes your personal property, and will remain so, even if you are no longer using EscrowTab.
If you lease the tablet, the lease is a 6-month minimum and after six months you may choose to continue leasing the tablet on a month-to-month basis. If you want to return the tablet after your six-month lease ends, please contact EscrowTab Support to initiate the return.
How many notaries do you have nationwide signed up with Escrow tab that have purchased or leased?
We recently rolled out the purchase and lease program; however, there are over 500 signing agents in the field with EscrowTab-enabled tablets today, creating an excellent opportunity to differentiate yourself for loan signing work, as well as general notary work.
Is there insurance available if I lease the tablet? What about if I purchase it?
When purchasing a tablet, you would need to purchase insurance separately through Microsoft or a third-party vendor.
Is EscrowTab available on any other types of tablets (e.g. Apple), or can I use my own device?
The EscrowTab app is expected to be available for download from the Apple and Windows app stores in Q4 2022. At that point, you will have the option to download the app to either a Microsoft Surface Pro X or an Apple iPad Pro.
Details will be provided once the downloadable app is available.
If I purchase the tablet, can I use other applications on it, in addition to EscrowTab?
Currently, if you purchase a tablet from EscrowTab, it will be locked down in kiosk mode, meaning that you can only use the EscrowTab on it. However, once the EscrowTab app is released, we will unlock all purchased tablets.
Communication with Title Companies
How do I receive assignments from title companies?
Your assignments will still come from the title companies you currently work with just as they do today. By signing up with EscrowTab, you'll become one of the experts in your area on In-Person Electronic Notarizations and be first to offer borrowers this tech-forward and eco-friendly option. Every day we are meeting with titles companies to share the benefits they can gain from using EscrowTab and we hope you can do the same.
Contact EscrowTab Support if you'd like more information regarding which title companies we are working with and how you can help engage your title companies!
How much are the fees notaries are earning for an IPEN transaction?
EscrowTab does not control the fees that the title companies are paying. Please refer to the title company and signing service regarding fee-related questions. To date, we are not aware of any changes to fees paid to notary signing agents.
How will title companies know that I am an EscrowTab-enabled notary?
Once you create an account with EscrowTab:
- EscrowTab will help you by notifying all the title companies and signing services we work with that you are an EscrowTab-enabled notary.
- You can promote that you are an EscrowTab-enabled notary by:
- Logging into your NNA profile and indicating that you are an IPEN-enabled and EscrowTab-enabled.
- Promoting yourself to your title companies as an EscrowTab-enabled notary. Access our one-pager for title companies and lenders with some key talking points about how EscrowTab can benefit them, including:
- Close loans faster than the paper process and in accordance with lender requirements.
- Documents are validated to ensure there are no mistakes or missing signatures.
- Offering a differentiator to lenders - an eClosing solution that doesn't create more work for them.
- Providing a tech-forward and eco-friendly solution to borrowers.
- Contact EscrowTab Support and we will send you a sample email you can send to title companies.
How do I complete my journal when using EscrowTab?
Some states have different requirements, so you should confirm with your Secretary of State, but in most cases, you can continue to use your current journal, whether that is a paper journal or eJournal.
Will there be any integration between an eJournal and my EscrowTab tablet, and what is that timeframe?
We will be offering several options for integrating with an eJournal but a date is TBD. In the meantime, follow your existing process for eJournal updates.
Where do I obtain my digital certificate?
You can purchase your digital certificate from a provider such as Identrust through the NNA.
How do I obtain an electronic notary seal?
When you become an EscrowTab-enabled notary, EscrowTab will create a seal for you to use within the EscrowTab solution. You may also purchase an electronic seal from the NNA.
Is the electronic seal good for a specific term or does it match your state's commission?
Your electronic seal from EscrowTab aligns with your state commission. You can update your seal information by emailing email@example.com.
Does EscrowTab provide/ assign signings to Signing Agents?
EscrowTab does not assign signings to notary signing agents. Notaries will continue to receive assignments from signing services and title companies.
Can I use EscrowTab for general notary work?
Yes, in the near future you will be able to use EscrowTab for general notary work. We will communicate any changes to you.
How do I get started with EscrowTab?
- Complete the form on our website.
- If you haven't already, follow your state's guidelines to become an eNotary. Read more about this in the National Notary Association's IPEN Knowledge Center.
- After receiving a next steps email from EscrowTab, enter your notary info into EscrowTab's system (no uploads necessary).
- Complete a Master Services Agreement.
- Complete a transaction to purchase or lease the tablet.
- Attend our free training session. Multiple sessions are available each week!
- Begin closing loans using EscrowTab and start enjoying a more relaxed lifestyle.