As most people know, electronic signatures are becoming more and more common and widely accepted as a legitimate form of signing documents. Many in the legal field see an electronic signature as being more secure than a faxed signature.
So, WHY? WHY? Are some banks and government agencies refusing to accept electronic signatures?
2 weeks ago, HMB, Inc., the HUD Home servicer for Virginia (and many other states) refused to accept my Docusign'ed contract. They insisted that I obtain an original signature (but not send them any proof of the signer's identification) and then MAIL them the contract! Are you kidding me?
Last week, the underwriter for Bank of America refused to accept a Docusign'ed contract and wanted FAXED signatures instead. I fought back on that one and it went to the
regional head of underwriting for Bank of America; who said "NO" to the electronic signature as well.
Today, I vented my frustrations on Twitter and heard from an agent that Wells Fargo refused to accept an electronically signed contract from him a few weeks ago.
It appears to me that all of this "greening" the banks are advertising and claims that they are committed to reducing paper are the equivalent of sending smoke signals. They definitely are not practicing what they are preaching.
From now on, when we call to verify a pre-approval letter, we will ask the lender if the bank accepts electronic signatures. If not, we will politely advise the buyer to take their business elsewhere....and let the bank know of their decision by sending them a letter on a floppy diskette.
Tina in Virginia
**************************************************************************************
Tina Merritt and her Associates. can be reached at email: tina@nestrealtygroup.com or 757-287-6338.
Our Network consists of both buyer and listing specialists helping buyers and sellers in Southeast Virginia, Hampton Roads, Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Isle of Wight County, Hampton, Newport News and Poquoson, Virginia. In Southwest Virginia, the New River Valley, Blacksburg, Christiansburg, Radford, Pulaski, Dublin, Floyd, Narrows, Pembroke, Pearisburg, Glen Lyn, Rich Creek, Check, Hiwassee, Indian Valley, Parrott, Newport, Shawsville, Pilot, McCoy, Long Shop, Fairlawn, Wythe, Draper, Willis, Sowers, Elliston, Eggleston, Ironto, Riner, Auburn, Rogers, Giles County, Montgomery County, Floyd County, Pulaski County.
Visit our website: NestRealtyGroup.com
