BoA New Policy re: Electronic Signatures

We are in the middle of a BoA short sale -- seller lives out-of-state, so everything's been done online and via email, including all documents signed electronically. BPO completed, counter offer okay'd and now negotiator says everything needs to be re-signed because they need real ink signatures.  She claims this will be required from this point forward on all short sales.

 

Seriously?

 

I swear, at times like these, I think they are DELIBERATELY delaying short sales. Because this? This is Ri-Donk-U-Lus!!!

 

Anyone else heard of a change like this?

Views: 673

Replies to This Discussion

Permalink Reply by Phil Sotelo on October 19, 2011 at 9:57am

From what I understand Fannie Mae will not allow either.

Permalink Reply by Kevin - Greenville, SC on December 14, 2011 at 7:47pm

The problem is HUD does allow electronic signatures (BOA just tells you that so you'll stop bothering them).  It's BOA who won't allow them.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-...

This Mortgagee Letter announces that FHA will accept electronic signatures on third party 
documents.
Third party documents are those that are originated and signed outside of the mortgagee’s 
control, such as a sales contract.

Permalink Reply by Sarah Davis on October 24, 2011 at 8:21am

I think Heather is definitely right, it comes down to the investor sometimes. I've seen then get through start to finish with B of A digital sigs but I also have two with b of a right now that they are requiring wet sigs, but they are GSEs

Permalink Reply by Kevin - Greenville, SC on March 3, 2012 at 2:35pm

Chase just called my client on a Freddie Mac Short Sale and said they won't assign the file to a negotiator with e-signatures.

Permalink Reply by Kevin - Greenville, SC on March 3, 2012 at 2:34pm

http://www.docusign.com/e-signatures/FHA/prewritten_FHA.php

  • Delayed closings are resulting in foreclosures;
  • Short sales are also being impacted;
  • Valid and legal contracts entered into between buyers and sellers are being ignored; and
  • Significant productivity gains for real estate professionals are being lost.
Permalink Reply by Donna Bigda on July 26, 2012 at 3:51am

Has policy with BofA changed?  Will they accept signature via Docusign? Seller cannot open up pdf fie of offer....system down at work. Need to get contract signed ASAP and was hoping I could do it via Docusign.

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