Bank of America E-Signature Policy
Bank of America is now auditing short sale files with E-signatures for compliance with their policies. The good news is they are stating they allow electronic signatures in black and white! I just received the following email from the Bank of America Business Integration Division. It states they are:
"tasked with reviewing files where electronic signatures have been utilized in the processing of any short sale or legal documents.
Electronic signatures are fine to use and allowed per our bank policy however we must ensure that each electronic signature meets the Bank of America policy requirements, so to help me determine that the electronic signatures in this transaction are following policy I will need to obtain the information below from you to further my review. If you can provide this information for me as soon as possible it will help me to complete my review and move on to other files.
Information Needed
1. Who is the E-Signature service provider the seller is using for the E-signature? Please provide Name, Address, & Phone Number.
2. What are the E-signature service provider’s criteria when someone requests an E-Signature, what information is requested to confirm the information of the requester prior to approving an E-Signature?"
I replied to the email with a link to Docusign's contact information and their approach to ensuring the integrity of electronic signatures.https://www.docusign.com/sites/default/files/videos/WP_Legality_of_...
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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hmmm. one day it's they will, the next they will not, then they will, then they won't.....
12/01/2011 16:47:41
Body: Please make sure to upload the following documents into equator MAKE SURE THAT THERE ARE ABSOLUTELY NO DOCUMENTS W/ELECTRONIC SIGNATURES AS BAC NO LONGER ACCEPTS THEM NO EXCEPTIONS.
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Permalink Reply by 3uw0kbw7fs22p on
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Wendy,
This is a false statement. We are not accepting E-Sigs on any of our docs (SS, REO, Mtg, etc..). I confirmed this w/top Sr. VP's today. It would be nice, believe me.
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Mark,
That has been my experience. It's much easier to track an electronic signature than a 'wet' signature, so what is BOA reasoning for their policy of non-acceptance?
http://www.securitynewsdaily.com/the-write-stuff-e-signatures-safer...
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Permalink Reply by Jeff Payne on
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Kevin, I have wondered the same thing. Electronic signatures are trackable and are clean, no need to try to scan and fax and then try to read the document.
Wet sigs are not secure and could easily be manipulated, even though it would not do any good at all if someone did forge a wet sig.
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Permalink Reply by Bryant Tutas on
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Mark. Wendy's not making a statement she's showing you the exact email received from BofA. I have closed on several short sales with BofA using e signatures.
So BofA absolutely WILL and DO accept e signatures. BUT They won't on every file.
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Bryant- I'm not doubting you and I understand that Wendy cut/paste an email from, what I'm assuming, was one of our employees (not a contractor). I cut/pasted her thread and emailed it to a Sr. VP who came back w/this: "We do not accept e-signatures. The message you received is not true." . So apparently we are on occassion. Was it with a direct employee of BOA or a contractor?
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Mark, I just closed one with BOA and the buyer and seller signed the purchase agreement electronically. I can only assume that it was a BOA employee/negotiator because she had a BOA email address. I have done a few others too. I have also done electronic sigs on REO properties too with BOA. Might just be an oversight by an overworked negotiator.
Mark, why are electronic signatures not allowed? They are the most secure type of signature and can be traced back to the original person that signed them should there be a problem. What benefit would it be for a listing agent to forge a signature? The sellers still has to supply plenty of documentation, pay stubs, bank statements, tax returns etc so I don't really see why there is a concern of a forgery?
I want to thank you for being a part of this site and offering to help! It is greatly appreciated and always helps us to understand "the other side" of the short sale :) Happy Holidays!
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I totally agree that e-sigs are the way to go. Believe me, I close 15-20 loans each month and would love to send my apps electronically while on the phone w/my client, and walk through each page and have them click on their sig and send it right back to me. It makes total sense, and yes they are much cleaner than wet sigs- If only I could run this place :).
As to why we don't initiate this universally, I have no idea- compliance issues. I have forwarded all of your posts to 2 of my Sr. Vp's for their response. I will post them once I hear back (maybe the first of the year w/the Holiday's).
Thanks for the kind words. Believe me, I'm learning a lot about my company from this site too. I can't thank you enough for bringing up these topics. I have to tell you, I have had great offers from other companies recently to move- signing bonuses, non recoverable draws, pipeline and bonus buy outs, even opening a brick and mortar for me and my team in a plush downtown community in Michigan, and I refused. I know BOA has let many of you down over the past year or so, but, I know first hand that it will get better. We will be ofefering a 30 day or less closing guarantee within Q1 of 2012 to help earn your trust again. I'm sure some of you know about some SS pilot programs going on right now (the pre-short sale lead). You guys need us and we need you. Our value prop is stong: SS, REO, leads, the opportunity to get on our national web site, and Home Buyers Marketing Scouting Report, to name a few. Please reach out to me anytime. I appreciate this opportunity. Thanks.
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Thanks Mark, we have seen BOA work toward the changes that we have requested. We have met several times with VPs and I am happy to say that they listen to us. We are all in this together and it will take all of us to get out of this mess! Thanks again for helping. Maybe BOA will send you to our next short sale mastermind in February in Orlando. Not sure who will be there from BOA.....
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Permalink Reply by Wendy Rulnick on
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Mark - This email was from Business Integration, Bank of America Home Loans, regarding a specific file. I have gotten several Docusign contracts approved as short sales with Bank of America, by the way.
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Mark, I just thought of something, mabye something you could suggest. I am a Keller Williams agent and all 85,000 agents have access to DotLoop electronic signature program. Maybe we could get DotLoop and Docusign to present their product to a decision maker at BOA so that they can see how it works and see that it is very secure. Many times those things that we don't fully understand are the things that we resist but once we see how it works, we wonder why we didn't do it years ago.
I would be able to get Dot Loop to set something up I am sure. Others who use Docusign could probably do the same. Maybe try to set something up at the Keller Williams short sale master mind in Feb since there is usually a BOA VP there in the mastermind. I will do what I can to make it happen if you will suggest it.
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Wendy- this is great info to know and learn and a great form to bring these topics up. I will continue to send these posts to as high a level as I can. As stated, I'm learning a lot here and I can't thank you guys enough. I would ask for that persons contact info, but would be affraid to disclose it to upper Mgt. That's great if we are doing this, even on a case-by-case (better than nothing). I will hear back the first of January (already receiving the out of office replies). Thanks.
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