e-Signs of Life in the Mortgage Industry
May 1, 2008
AmTrust announces promising new life in the mortgage industry by closing over 10,000 mortgage loans using its proprietary eSign® closing solution; making AmTrust a national industry leader in electronic note loans. As one of the largest mortgage lenders in the country, AmTrust Bank has closed and sold more loans with an electronic note (eNote®) than all other lenders in the nation combined. eSign is an electronic mortgage loan closing and electronic signature solution that brings borrowers one step closer to a completely paperless closing experience.
With AmTrust's eSign electronic signature, closing mortgage loans has become as simple as a point and click of a mouse, eliminating "wet" signature errors. Supported by Gemstone, AmTrust's world class business to business website, eSign converts the majority of legal closing documents into an electronic format for both fixed-rate and adjustable-rate loans. In addition, closing documents can be reviewed in advance via the Internet at any time or place to ease borrower anxiety and eliminate the guess work. After closing, borrowers get their own copy of all closing documents on disk or flash drive to take with them.
"The AmTrust model is an incredible win for everyone -- the consumer, our mortgage and closing partners and even the environment," said Jon Baymiller, AmTrust Bank's EVP of Mortgage Lending. "Implementation of the fully integrated AmTrust eVision value proposition represents an ongoing effort across many constituents. We are especially appreciative of the support and technical assistance we have received from Fannie Mae and MERS, key partners in our eSign strategy."
In partnership with thousands of correspondents, brokers and closing agents, AmTrust is now able to make the benefits of electronic closings a reality. eSign is a positive indicator of good things to come in the mortgage industry through revolutionizing the closing process and introducing a faster more convenient customer experience.
Source: AmTrust Bank