Authorizations Rejected - Previously Accepted???
On one of our short sales with B of A, we sent in our signed authorization and it has been rejected twice. The reason they select is “Other.” We’ve had the file open multiple times and all times the buyers walked. They accepted the same authorization for the other files. Can you offer any insight? Thanks!
Replies to This Discussion
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Permalink Reply by Kyle Souza on
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currently having the same problem. It must be something to do with India...
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Permalink Reply by Janie Booth on
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What is the date of your authorization? Not with BoA, but another lender would not let it be more than 60 days old.
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Permalink Reply by Pamela Harmon on
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We've used the same one since 2009 - they accepted it a month ago. Just found a more detailed note - signatures don't match??? So I scanned 3 separate documents with his signature on it and wrote a note to upload with them - I circled his signatures on all 3 documents - they're obviously the same signature - maybe this will work.
Janie Booth said:What is the date of your authorization? Not with BoA, but another lender would not let it be more than 60 days old. -
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Yep...maybe Kyle is right :). Let us know how it turns out.
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I am on my 3rd try. I just spoke with ss and of course they can't tell me why because I'm not authorized. The authorization was accepted in June and now not accepted? The rejection email states "signature on pdf and Iportal mismatch". I always fax to 805-520-5019, they aren't always consistent about sending the letter of accepted or rejected anymore.
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Permalink Reply by Barbara J. Rice on
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Yes, some banks are starting to match the signatures on the Auth doc to the original loan docs making a "wet" signature necessary (not DocuSign). And some care about the age of the Auth so make sure you have a current Auth OR a clause in your Auth doc that states it never expires. Some people are using that with success.
Also, your seller should be able to call in and give you verbal Auth for at least a 24 hour period. Some banks allow a verbal Auth for the entire transaction, others will allow a verbal that's good for a day or 2 with a requirement to send in written Auth as follow-up. Have your seller call and ask what the options are for a verbal Auth. Hope that helps! -
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Permalink Reply by Mike Horton on
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Make sure the date on the authorization is current. Some investors are requesting that authorizations be renewed every 90 days.
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