Lately, we have been advised by many lenders’ that you can’t use electronic signatures on short sales. The major lending institutions really do not like to see electronic signatures.
Despite an announcement in late May of 2012 that Freddie Mac will allow it, the servicers usually frown upon it.
On February 22, 2013 Bank of America recently advised us that they will now accept electronic signatures on most documents collected throughout the processing of short sales; however there are specific requirements that must be met in order for the documents to be accepted.
Real Estate agents choosing to use electronic signatures will need to check with their electronic service provider to ensure the below requirements can be met prior to initiating a short sale.
DocuSign, is one of the providers that has shown they have the capability to meet Bank of America’s security requirements.
The requirements are as follows:
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