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The ClearParSM system maintains a digital signature file in a secure environment, ensuring authenticity of authorized signatures. A digital signature is automatically inserted into a document when an authorized signatory enters his or her secure PIN number on the ClearParSM electronic signature approval screen.
Q: How is your online signature created in the ClearParSM system?
Q: How is your online signature attached to a document in the ClearParSM system?
Q: Is your online signature a legal and binding signature?
Q: How can you ensure that your online signature is not placed on a document in the ClearParSM system without your consent?
Q: When you use the ClearParSM system's online signature capability,will you have a permanent record of the document that you approved?
Q: How is your online signature created in the ClearParSM system?
A: Each authorized signatory for your organization must complete a ClearParSM Registration & Individual User Form requiring the user to provide a sample signature. This signature is then scanned into and stored securely in the ClearParSM system. It can then be used only by such signatory, or his or her authorized designee, to execute documents online in the ClearParSM system.
Q: How is your online signature attached to a document in the ClearParSM system?
A: Release of your online signature is controlled through the combined use of two pieces of information: i) your ClearParSM system user password; and ii) your personal identification number ("PIN"). Your ClearParSM user password is chosen by you when you complete the Individual User's Form. For security reasons, you are required to change your password the first time that you log on to the ClearParSM system. This assures that your personal password is known only by you and, at your discretion, by your authorized designee. Provided you change your initial password, no one at ClearParSM has access to your user password. You would have chosen your PIN when you complete the ClearParSM "Individual User's Form". Having first logged on to the ClearParSM system using your user password, to attach your signature to a document in the ClearParSM system, you, or your authorized designee, must then enter your PIN as prompted.
Q: Is your online signature a legal and binding signature?
A: Yes, with respect to the ClearParSM system, our position is that your authorized online signature is a legal and binding signature for purposes of New York law (you should of course consult your own legal counsel). A "signature" may be anything (a manual writing, other manual mark, a wax seal, typewriting/printing, a telex or facsimile machine transmission, a rubber stamp, etc.) which i) identifies the party to be charged; ii) is placed on the writing with the intent to make a signature; and iii) demonstrates that the signatory adopts the contents of the document. In using the ClearParSM online signature feature, you are identified by the release of your scanned signature, which can only be achieved through the use of your combined user password and PIN, which are unique to you. Your intent to sign the document and adopt its contents is demonstrated when you click on the "Accept" button to release your signature after reading the pop-up message that describes the effect of releasing your signature.
Q: How can you ensure that your online signature is not placed on a document in the ClearParSM system without your consent?
A: The best way to control the use of your online signature is by keeping your user password and PIN confidential. Should you choose to entrust your password and your PIN to a designee, you should follow internal controls established by your organization to ensure that your authorized designee does not release your signature unless and until you have reviewed and approved the document and consented to such release.
Q: When you use the ClearParSM system's online signature capability, will you have a permanent record of the document that you approved?
A: Because the secondary loan market operates almost exclusively on facsimile transmissions of signatures, the method of maintaining a permanent record of a document need not be any different because online signatures are used. Fully executed documents of transactions are stored in the ClearParSM system and may be retrieved and printed by you or authorized designee at any time.
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