Electronic documents and signatures have been accepted for some time in nationwide and international commerce and in the Federal Court system and have been steadily gaining acceptance in the insurance and health care industries. Acceptance in the mortgage industry has been slightly slower, meaning that eNotes were not really hitting the New York foreclosure landscape—until now.
For many institutional lenders and mortgage loan servicers facing pressure to economize, retaining a law firm of national presence with multiple satellite offices around the country is considered the fastest route to savings through a consolidation of vendors and services. But is there a cost to the quality of representation at the local level in this business model? Is there a sacrifice of expertise when it may be most necessary?