Posted by Leon_CO on 9/4/08 12:32pm
Msg #263187

The "e" in eSign stands for "extra"

eSign is supposed to simplify the closing process and reduce the amount of paper used.

We aren't there yet.

I'm doing an eSigning that has 111 pages that need to be signed the traditional way. 15 pages are eSign.

Isn't it supposed to be the other way around?

Reply by BrendaTx on 9/4/08 12:34pm
Msg #263188

Good point, Leon. n/m

Reply by ReneeK_MI on 9/4/08 12:55pm
Msg #263190

Regardless of how it's 'sold' ...

...e-signings, to my understanding, were intended as a more streamlined means of moving loans through the secondary market. Once a loan is closed - the faster it can be sold, the more money can be made. In this arena, the old "time is money" rings true.

Loans have what is called a "collateral" pkg - usually it's the Note, Hud, 1003, TIL, RTC. It would likely depend on each investor, and e-signed loans go into a secured 'vault' where they can then be accessed by both the lender and that lender's investors. Immediately.

Some time ago I attended an webinar put on by ...who can remember ...one of the e-sign vendors. At that time, they didn't have any lenders on board yet - because those e-vaults needed to be agreed upon by a majority of lenders/investors first. Couldn't have 37 different vaults, as each one would require proprietary software (i.e. money). The word then was once those vaults are more/less standardized, the e-signings for mtg lending would take off like a rocket.

Secondary marketing has always confused the he77 out of me, and my understanding is very fundamental. So - take that and a couple of bucks, and see if you can buy a cup of coffee.

Reply by MW/VA on 9/4/08 12:58pm
Msg #263192

That's been the issue from our end of things. It is actually more work (& more expense when required to have a laptop/aircard). It is Amtrust's requirement, and they penalize the broker & tc if it doesn't go e-sign. As Renee has stated, it has to do with moving the loan faster for Amtrust.

Reply by Brian Edwards on 9/4/08 1:25pm
Msg #263195

Are these Amtrust loans?

Reply by Henry Davidson on 9/4/08 1:51pm
Msg #263196

AmTrust Bank

We are one of the nationwide vendors for AmTrust Bank and their Esign loans since Aug 2007. It is my understanding that their Esign process, www.esignmortgage.com, is the industry leader. Out of all Esigned loans through Q2 08, AmTrust Bank was over half of the volume. I believe there were 22,000 loans esigned and AmTrust was over 12,000 of them. So, in essence, AmTrust bank is by far the industry leader in the Esign game.

Reply by NCLisa on 9/4/08 2:08pm
Msg #263197

All the eclosings I've done have been Amtrust loans. None through your company Brian.

Reply by Brian Edwards on 9/4/08 3:37pm
Msg #263205

We do some Amtrust but very few. They are extremely difficult to complete as a NSA because of the complicated nature of their closings and equipment necessary to do them. Dont worry Lisa if we get them in your area they are yours. Just none so far where you are at ( :

Reply by Leon_CO on 9/5/08 12:57pm
Msg #263279

Yes, AmTrust

Brian, yes, it was an AmTrust loan. Everything went smoothly.

Reply by Ilene C. Seidel on 9/4/08 2:53pm
Msg #263202

I've had only one in Baltimore and the edocs were more then the hard signatures and even though the package was for a loan officer it still took longer for him to go thru the edoc's then if I were to submit them all on paper. It took an addl 1/2 hr. I don't see where this is simplifying the industry.