Posted by Pierces Notary Services on 7/24/09 9:25am
Msg #297217

My AmTrust e-signing last night

Actually it wasn't that bad. We did the wet-sign docs first and then proceeded to the computer. The package on the computer was not that large. They printed a couple of the docs for their file. We were all pretty impressed on how fast it went. I was in and out in an hour and that was only because the grandson kept interrupting us for this and that. My only concern is that I think the RTC should have been wet-signed but it wasn't in the package they emailed me.

Reply by Yoli/CA on 7/24/09 9:29am
Msg #297219

Congrats and so glad for you that your first one was uneventful! May they all be that way.

Reply by MW/VA on 7/24/09 9:30am
Msg #297220

Amtrust has been under the gun for not providing a paper RTC. That seems to be the biggest issue with the system, otherwise it's not difficult. I've heard that the whole purpose is so that Amtrust gets the Note immediately for funding purposes.

Reply by Linda_H/FL on 7/24/09 9:36am
Msg #297223

"so that Amtrust gets the Note immediately for funding purposes."

Which we all know in a residential refi can't happen because of the 3-day rescission period. I think someone (Renee, I believe) once explained it's so they can get it into the secondary market immediately.

Reply by MW/VA on 7/24/09 9:42am
Msg #297227

Sorry, that's what I meant.

Reply by MW/VA on 7/24/09 9:31am
Msg #297221

BTW, congrats!

Reply by jojo_MN on 7/24/09 11:29am
Msg #297247

Congrats on getting it done.

I actually had a 20 minute discussion with AmTrust last night of which 10 minutes was regarding the RTC alone. In my experiences, three of the borrowers didn't have computers in their house, so if they wanted to rescind, they would have to take the disk to a print shop of friend that has a computer to print it out in order to rescind, and wouldn't even have access to the documents unless the broker/originator did their job and sent it to them in advance like they are supposed to. The rep said they will not bend on the issue of not letting us print them in advance unless the TC or broker sends it to us to print.

Reply by LKT/CA on 7/24/09 12:01pm
Msg #297259

<<<....so if they wanted to rescind, they would have to take the disk to a print shop of friend that has a computer to print it out in order to rescind,....>>>

The requirement to rescind is that it be IN WRITING...it does not have to be in writing on *their form*. So essentially, you can use a paper towel and crayon to rescind, if that's all you have, so long as it's IN WRITING before midnight of the third business day.

Reply by jojo_MN on 7/24/09 12:17pm
Msg #297265

Yes. Unfortunately, the directions for cancelling are on that form.