For those of us that use an electronic signature service, I thought it might be helpful to make a list of the banks/lenders that accept electronic signatures. Hopefully this could potentially be a reference thread to prevent future surprises from negotiators. Please post below which banks you have been successful in using these great efficiency tools with.
I will be starting another thread with the opposite - banks that refuse to accept Electronic Signatures.
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Hmm. Just entering a transaction with PNC (never heard about them till now). We've done everything Docusign because my clients are out of state. I'm thinking we'll maybe just have to give them writer's cramp at a later date.
In the past (prior to 2011) I have used electronic signatures quite a bit and had never had any issues. In 2011, no so much..... On a couple of transactions with Chase and IndyMac/OWB, they have rejected all electronic signatures. e-signatures are perfectly legal to execute and close a transaction BUT, the latest twist is the lenders are checking "wet" signatures on the Purchase Agreement against the signatures on the original Mortgage Application (1003) and to the original Deed of Trust. Recently, I had a small local lender require fully notarized signatures from the sellers.
Times are changing again. Lenders are being more cautious. There seems to be an uptick in questionable sales as people have figured out the system.
It's frustrating, but when we look at the lender point of view, if they are writing off a half-million bucks, they should be cross-checking signatures !
Thom Colby
Broker
Newport Beach CA
Robert Jarvis said:
How about Chase?
Great idea, Kristin! I was just looking for such a list.
Bank of America - has accepted docusign on several of my short sales
Wachovia - has accepted docusign on one of my fast track short sales