Posted by NCLisa on 12/6/08 11:04am
Msg #271248
Amtrust Cease & Desist
I just received this bulletin:
Date:
December 5, 2008
From:
Stewart Legal Services
To:
All Issuing Offices
RE:
AmTrust Bank - OTS Order to Cease and Desist
Dear Associates:
Effective November 19, 2008, the Office of Thrift Supervision ("OTS" entered an Order to Cease and Desist against AmTrust Bank (Order No. CN 08-15) and a like Order against its holding company, AmTrust Financial (Order No. CN 08-16). Pursuant to the Order, AmTrust may not make any new loans or issue new lines of credit for land acquisition or development, or for speculative residential construction. The Order includes other conditions for extensions, refinancings, assumptions or modifications of existing loans.
All policy issuing agents are reminded not to close any transactions involving AmTrust, or any other lender, unless you are in receipt of immediately available funds.
Enforcement orders issued by the OTS against various financial institutions can be viewed on the OTS website by clicking the menu under Supervision and Legal on its home page and then clicking on Enforcement. The FDIC's enforcement orders can also be viewed on its website by clicking on Press on its home page and then clicking on FDIC Enforcement Decisions and Orders. The OTS and/or the FDIC have taken enforcement actions against many lesser known and smaller financial institutions. These sites should be checked as to lenders you are dealing with.
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AmTrust Bank - OTS Order to Cease and Desist (Click to View)http://image.exct.net/lib/feee1078766d0d/d/1/AmTrust%20OTS%20Order.pdf
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Reply by Linda Hubbell on 12/6/08 11:31am
Msg #271255
Re: Amtrust Cease & Desist...Whoa....
Did anyone see this coming??...jeez...
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Reply by Doris_CO on 12/6/08 11:35am
Msg #271257
Re: Amtrust Cease & Desist...Whoa....
Isn't Amtrust the one pushing the e-signings?
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Reply by Linda_H/FL on 12/6/08 11:38am
Msg #271258
Yep.. n/m
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Reply by Calnotary on 12/6/08 12:07pm
Msg #271270
Re: Amtrust Cease & Desist...Whoa....
That's good news for the people who jump into buying a 2 year contract with a wireless card service. A few SS asked to sign up with them to do the AMTRUST loans. I just ignored them, oh well.
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Reply by MichiganAl on 12/6/08 12:21pm
Msg #271273
Good riddance. So much for the wave of the future. n/m
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Reply by LynnNC on 12/6/08 12:22pm
Msg #271274
I wonder if any of their problems stemmed from the fact they did e-signings.
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Reply by 101livescan on 12/7/08 10:00am
Msg #271317
More to do with their inability to fund loans, perhaps their relationship with the Federal Reserve Board?
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Reply by Linda Hubbell on 12/6/08 12:29pm
Msg #271276
Next up...watch your mailboxes....
BK notices should be forthcoming .... if Stewart won't write for them I imagine all the other big TC's will follow suit ... I still say "wow..."
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Reply by davidK/CA on 12/6/08 12:46pm
Msg #271277
But e-signings were supposed to save them money...
Could it be because their e-signing software stunk, and that it was more work for everyone, especially the NSA?
I personally won't miss "the opportunity" to do e-signings for AmTrust.
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Reply by Dawn/PA on 12/6/08 12:56pm
Msg #271278
Re: But e-signings were supposed to save them money...
I am not sorry to hear this. I only did two or three. AND I didn't purchase anything to do them.
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Reply by Linda_H/FL on 12/6/08 12:56pm
Msg #271279
Re: But e-signings were supposed to save them money...
From reading the Order, it sounds like they're just steps away from receivership - MO
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Reply by Prosperity on 12/6/08 2:18pm
Msg #271284
Hummmm. Got a flood of calls from them these last two weeks for e-signings, but didn't take the jobs (ate $150 to have wireless card deactivated). Most recently was on Thursday. The technology just isn't what it should be.
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Reply by Tess on 12/6/08 3:09pm
Msg #271287
Just did one for them, (after the Cease & Desist date).
Pretty easy actually, borrower had internet access and with a total of around 20 docs online and 60 printed, it was not a problem. If they all went like that, I would have no problem with them offering this as a way to sign the documents. I do believe that the day will come, when most of the docs will be signed that way, but because of the economic times we are in now, there will be delays(probably for years) for the companies to pursue it further.
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Reply by Notary/Guy on 12/6/08 4:33pm
Msg #271294
Are you interested in expanding your signing opportunities? Do you have a laptop computer with a wireless internet connection?
If so, we invite you to visit our website at www.bancserv.net to learn more and let us know if you’d like to participate in conducting eSign® closings for AmTrust Mortgage Banking.
What is eSign®? It is an electronic signing process that allows borrowers to electronically sign a portion of their loan documents with the click of a mouse rather than wet ink signatures. Certain documents must still be printed and signed, so it’s a process of combining new technology with traditional loan signing procedures. It reduces the amount of paperwork involved in a typical loan transaction, it speeds up the loan cycle and it’s the way more and more business will be conducted in the future. So, there are many positive reasons to get on board now!
In case you’ve forgotten, we’ve provided your Bancserv login information below to make it easy for you to get involved. We encourage you to participate in this exciting opportunity and look forward to servicing this new business together. If you have any questions regarding this new opportunity please e-mail us at [e-mail address].
Your friends at Bancserv
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Reply by Notary/Guy on 12/6/08 4:47pm
Msg #271295
Re: Amtrust has sox and nation direct on the team lol
https://www.esignmortgage.com/contactUs.html#ncs
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Reply by HrdwrkrVA on 12/8/08 10:51am
Msg #271392
How on this green earth is SOX STILL in business?????
Does this mean they are now actually paying notaries - hmmm - what a NOVEL concept. I finally got these deadbeats to pay me after 2 yrs!!! I wonder where I can re-sign w/ them - LOL!
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Reply by MW/VA on 12/6/08 6:15pm
Msg #271297
I think everyone is jumping to conclusions here. Read Paragraph 1 carefully.
It doesn't necessarily say they aren't making any loans.
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Reply by Todd/OH on 12/6/08 6:41pm
Msg #271301
I used to work for them - years ago
This was WAY back when they were Ohio Savings & Loan and changed the name to Ohio Savings Bank. They pushed the limits then. This is no surprise. The guy running the outfit I think is a Goldberg. His father was the president for many years - while I was there.
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Reply by NCLisa on 12/6/08 10:19pm
Msg #271310
But how do you gurantee they can fund the loan after the 3 day RTC? You can't. The TC would need the funds in their escrow account prior to doing title search on the property.
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Reply by Linda_H/FL on 12/6/08 10:58pm
Msg #271311
"It doesn't necessarily say they aren't making any loans"
No, it doesn't - but if all the major title companies follow suit, which IME that's what happens, they're going to be making loans without the benefit of title insurance - hence they won't make loans. No matter how you read it this is not good news.
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Reply by MistarellaFL on 12/7/08 10:04am
Msg #271318
Geez, did anyone read the attachement?
Paragraph 4 clearly states that refis and mods are acceptable, when in the best interest of the company.
This cease and desist is for building and land acquistions.
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Reply by Linda_H/FL on 12/7/08 10:31am
Msg #271322
Re: Geez, did anyone read the attachement?
"Paragraph 4 clearly states that refis and mods are acceptable, when in the best interest of the company"
Providing it does not involve new funds....and they can complete transactions/commitments entered into prior to the stip....however they have to adequately document that the transaction WAS in the best interest of the company. They are being strictly monitored....
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Reply by MistarellaFL on 12/7/08 10:06am
Msg #271319
Correction
That word in the title to my post shoud be "attachment", and building should be "residential building".
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Reply by 101livescan on 12/7/08 10:47am
Msg #271324
They were Ohio Savings Bank before....
Found this article....
http://www.azcentral.com/business/articles/2008/11/26/20081126biz-Amtrust1127-ON.html
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