Replies to This Discussion

Permalink Reply by Jacqueline Walker on September 11, 2012 at 6:35am

1.      Current procedures warrant a rating of 2.5

2.      We can currently email over a document to the client, have them "wet sign" and then email or fax back for submission.   There is no process in place to authenticate the "wet signature" unless the document is notarized.    Electronic signature via Docusign has an authentication process in place that could be used.    The certificate could then be submitted as part of the package.       

Permalink Reply by Wendy Rulnick on September 11, 2012 at 6:37am

Good answer, Jacqueline...!

Permalink Reply by Wendy Rulnick on September 11, 2012 at 6:38am

Here is my initial reply:

 

1. On a scale of 1-5, 5 being excellent how would you rate the current procedures in place for the processing of short sale & Real Estate Owned files?

3- depending on what process, mostly in comparison to other short sale lenders Bank of America needs improvement in third-party vendor processing time, duplicate procedures in those cases. You also need improvement with Government short sale processing time (VA, FHA, Ginnie Mae)

 

1. In your opinion what would be the best way to authenticate and validate electronic signatures to ensure that the utmost security level is being met to ensure the e-signer that is signing all documents is the correct signer? Please choose from the options below.

This question needs more elaboration from my perspective. Email based authentication that is generated from Bank of America is not acceptable to me, if that is what OPTION 2 implies.  In a year, would the party be able to retrieve his document if it were stored at Bank of America. I have a problem with the secure emails now, in that I don’t own my communication.

Permalink Reply by Kevin - Greenville, SC on September 11, 2012 at 6:40am

It sounds like Bank of America's current policy for accepting e-signatures is much more trouble than it's worth. 

https://agentresources.bankofamerica.com/content/document/ss_Agente...

https://agentresources.bankofamerica.com/content/document/ss_Agente...

Permalink Reply by Wendy Rulnick on September 11, 2012 at 6:57am

The ones where they accept them I love! We just don't do them on VA FHA or Ginnie Mae. TO me, since there is a Federal Law - the ESign Act. allowing for the acceptance of electronic signatures, I think it's ridiculous governmental investors don't accept them. 

Permalink Reply by Rachael Babinchak on September 11, 2012 at 6:55am

Require all three of these methods that e-signer would use to authenticate themselves.

I agree with Jacqueline - Electronic signature via Docusign has an authentication process in place that could be used.    The certificate could then be submitted as part of the package.      

As well as, smart phones now have the capability for "wet signatures" and that should be allowed.