• 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. If the borrower(s) chooses a traditional paper closing transaction with ink signatures on their Gemstone closing documents, the Client will be assessed the Non eSignŽ Usage Fee.
• As noted in the eSignŽ materials and eDoc closing instructions, any person other than the borrower(s) is explicitly prohibited from executing electronic signatures on behalf of a borrower as part of the eSignŽ closing event. This is true regardless of whether or not the person has a Power of Attorney or any other circumstance. The borrower(s) must be the one(s) clicking the mouse.
• If the borrower(s) agrees to execute the signing of their documents via eSignŽ, the borrower(s) must not sign both a paper note and an eNoteŽ. This is a violation of our closing instructions and is identical to asking the borrower(s) to sign two paper notes.
• Clients cannot tell the Closing Agent that AmTrust Bank will not fund the loan unless they complete the eSignŽ process. In turn, the Closing Agent can not tell the borrower(s) that their loan will not be funded unless they complete the eSignŽ process. Both statements are false. AmTrust will fund an eSignŽ Eligible loan executed with ink signatures on paper documents. However, the Client will be assessed the Non eSignŽ Usage Fee in such instances.
• If AmTrust determines that any party other than the borrower(s) has executed an electronic signature or has had the borrower(s) sign both paper and electronic documents in duplicate -- regardless of circumstance -- AmTrust will require the Client to refund all monies paid that were in excess of par plus any related costs, such as the Non eSignŽ Usage Fee charge. The Non eSignŽ Usage Fee cannot be charged to the borrower.
• AmTrust reserves the right to terminate the relationship with any Client or Closing Agent who fails to execute the directives set forth above or in the eSignŽ materials and the eDoc closing instructions.

Please review Seller's Guide Section 22.0 eSign Overview for more details.

Published May 7th, 2009