Bank of America Comes into the 21st Century With Electronic Signatures

I am so excited about this news! I know, it doesn't take much for me to get excited, but this is really big news in my opinion.

Up until now if you are involved in a Silicon Valley Bank of America Short Sale they did not take electronic signatures. This would have been ok if the bank could sit with you in your conference room and look at the offers. We all know this does not happen and the paperwork will often be faxed several times before B of A gets to see a document. Since they can not accept illegible documents it made things harder for the participants.

Also, despite the sometime lengthy process of a short sale, Bank of America will often say they need a document now, and not being able to get electronic signatures was sometimes tough.

Now, for any new short sales, you can send all documents with electronic signatures. This makes me very happy. As a Silicon Valley Short Sale Specialist anything that can make a short sale more efficient is ok with me.

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Comment by Anthony Sherman on October 22, 2012 at 9:26pm

I am sure electronic signature policy will vary based on the actual investor.

Comment by TOP END Properties on October 22, 2012 at 5:12pm

Bank of America may have but unfortunately I recently read in Freddie Mac guidelines that they do not. :\

Comment by Marcy Moyer on October 22, 2012 at 2:29pm

Thanks Judi for the info!

Comment by Judi Fiolle on October 22, 2012 at 1:47pm

you must complete the new document which is about 7 pages long I think for each ss start in order to do this so be careful. Make sure you get the new form from the bofa agent site before you start a new ss or you won't be able to get this done without wet signatures.

Comment by Judi Fiolle on October 22, 2012 at 1:45pm

Its about time! I have clients that are 500 miles away and it has been a nightmare to get all of the signatures needed for a short sale.

Comment by Tni LeBlanc on October 22, 2012 at 11:54am

Wow this is big news.  Did they make an announcement or just accept them on one of your transactions?  

I've had BofA accept eSigs on a file before.  It was a Freddie Mac file and Freddie will even accept eSigs on REOs so I figured that was the reason.  

Comment by Marcy Moyer on October 22, 2012 at 11:39am

My understanding is that it does not apply to VA or FHA loans, and it is only for new short sale initiations, not ones already in the system.

Comment by Susie Fultz on October 22, 2012 at 11:32am

I had BOA reject two contracts last week because the negotiator had the right to decline due to electronic signatures.


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