Posted by Yoli/CA on 6/8/09 10:05am
Msg #291556

AmTrust email just received --

Good Planning = A Faster eSignŽ Closingū
From: AmTrust Mortgage Banking ([e-mail address])
Sent: Mon 6/08/09 7:51 AM
To: [e-mail address]





Thank you for continuing to revolutionize the industry with eSignŽ as over 95% of all eligible AmTrust loans have closed electronically in 2009.

When you combine our leading eSignŽ technology with sound pre-closing planning (described below) eSignŽ closings have proven to be the fastest, greenest closing in industry. See our self-training videos for more information.

Important Advanced Planning Instructions

To avoid confusion at the closing, Clients and or Closing Agents must advise the borrower, in advance of the closing, that they will be participating in an electronic mortgage closing.

It is mandatory that the borrower(s) be given a choice, as required by law, to execute the signing of their Gemstone closing documents electronically or on paper.

We also strongly recommend that you request the AmTrust Client to provide the borrower an advanced copy of the non-authoritative closing documents as this practice will be required by federal legislation (Regulation Z) next month.

Clients, Closing Agents and Notaries must verify in advance of the closing that they will have access to a high speed internet “hot spot” or connection at the planned closing location.

An alternative or “Plan B” location with high speed internet should also be identified. See Training Video: Hardware, Software and Setup.

Clients, Closing Agents should verify that closers or notaries have viewed our eSignŽ self-training videos.

For any eSignŽ questions, call AmTrust’s Mortgage Consulting Center at 888.321.6446 between 9-8 ET Monday-Friday.

Update

>> Effective immediately, Closing Agents or Notaries will no longer be able to print an authoritative paper copy of the closing package prior to an eSignŽ closing. Access to the authoritative paper copy will be unnecessary if the advanced planning instructions are followed.

>> Closing Agents or Notaries who are unable to conduct an eSignŽ closing as planned must seek authorization to conduct a paper closing from the AmTrust Client first.

>> The AmTrust Client must contact AmTrust to provide the Closing Agent or Notary Gemstone access to the authoritative paper copy.

>> Authorization is required because the $250 Non-eSignŽ Usage Fee will be charged to the AmTrust Client for all eSignŽ eligible transactions that do not close using the eSignŽ process.


Published 06.08.09

Reply by Linda_H/FL on 6/8/09 11:02am
Msg #291561

Re: AmTrust email just received --ummm

"Effective immediately, Closing Agents or Notaries will no longer be able to print an authoritative paper copy of the closing package prior to an eSignŽ closing. Access to the authoritative paper copy will be unnecessary if the advanced planning instructions are followed.

>> Closing Agents or Notaries who are unable to conduct an eSignŽ closing as planned must seek authorization to conduct a paper closing from the AmTrust Client first."

So what happens if you get there and the internet connection fails? You have an automatic no-sign?? I see where they say call for authorization to print, but if I'm 45-50 miles away with no laser printer available (and the internet connection is down so I can't access the website anyway) where does that help???

Also sounds like they've run into some issues with that $250 fee...MHO

Reply by Marian_in_CA on 6/8/09 11:36am
Msg #291570

" Effective immediately, Closing Agents or Notaries will no longer be able to print an authoritative paper copy of the closing package prior to an eSignŽ closing. Access to the authoritative paper copy will be unnecessary if the advanced planning instructions are followed."


This is ridiculous. So, we can't print them now...unless we're already there and get permission to print them if something goes wrong? that presents several challenges and a whole boat load of issues. First, the notary will likely have to leave and go print the documents, and make a return trip. Also... how do the borrowers get a copy of the documents they've signed? The note is one of the electronic documents with Amtrust.... they should be offered the ability to print them or be given a copy at the time they sign it.

Do these people not realize that it might be faster for THEM... but it's nothing but double and triple the work for the notary?

Reply by MistarellaFL on 6/8/09 11:39am
Msg #291571

Who was it who thinks that $90 is a good fee for these?

I don't remember, but this is one good reason why $90 doesn't cover it for me on esignings.

Reply by Yoli/CA on 6/8/09 11:53am
Msg #291572

Exactly right! More work for notaries and,

as we agreed in our Network, $175 sounded more than reasonable before this latest curve. Now, we should re-think that minimum ....

Reply by susana on 6/8/09 12:22pm
Msg #291573

Re: Exactly right! More work for notaries and,

The RTC and The TIL are also esigned. I always print a paper copy of all docs signed and esigned for borrowers.

Reply by Vince/KS on 6/8/09 12:42pm
Msg #291575

No one has offered/accepted that low of an amount here. n/m

Reply by Calnotary on 6/8/09 1:48pm
Msg #291577

Re: No one has offered/accepted that low of an amount here.

I was offered 85.00 for an esign! And it was from a SS that used to have some fair reputation, now everybody is reporting terrible rep from her, here.

Reply by Bob_Chicago on 6/8/09 2:13pm
Msg #291579

Usually use the customer's computer to do these.

I believe that there is an option to save a copy electronically on
the computer.
If I am on my lap top, I can just burn a disc for the cusotmer, IF they
have a computer.
Much easier, however , to read and point out loan terms on a hard copy.
Guess that, as usual, you just gotta do what you gotta do.
Whatever legal issues are involved, are the lender's problem, not the NSA's

Reply by Cari on 6/8/09 2:54pm
Msg #291589

I have a portable printer that I use...just in case...

as this has happened to me before.....

Reply by MistarellaFL on 6/8/09 4:13pm
Msg #291600

Re: I have a portable printer that I use...just in case...

I am in the country...most of my signers are at least 20 miles away from my office,
most are farther. Yep, farther!
I carry a laser printer with me, too, for on the road "emergencies".
Like an updated HUD. Or, oops, we forgot to email you this doc.

This scenario isn't an emergency...this is a PITA.

Reply by MW/VA on 6/8/09 6:24pm
Msg #291616

Thanks for the info. They're obviously tightening up on the $250 non-esign fee. I know we can encounter all kinds of tech problems in the field & there are legitmate reasons the esign sometimes needs to be aborted. At least half the package is still paper anyway at this point.
It's their requirement & they make the rules. It would be nice if the $250 worked both ways, and we were paid $250 for the esign!