Bank of America is again making the headlines. This past week B of A is no longer accepting electronic signatures on anything including real estate purchase agreements, addendums, or any contracts. They are demanding only wet signatures.
I ran into this this past week with a buyer offer on a B of A REO property. We had submitted all the paperwork required including B of A's 18 page addendum. They rejected all of the paperwork because I had used DocuSign for all the signatures and initials. We were suppose to close by yesterday, but because our paperwork was rejected by B of A, it is now delayed until next week. Come on, really B of A???
I called up DocuSign and told them the situation, and they have known about it for a few days and told me that DocuSign executives are in discussions with B of A on the matter and that's all they said. I was ok with that until another issue came up on another buyer offer I submitted with a local bank.
Come to find out that B of A is also a buyer of "paper" on the open market. This means that our local banks here sell their loans and B of A is one of those buyers of "paper" like Wells Fargo and others.
So to make a long story short, my clients local lender said that I have to get all wet signatures on this other buyer deal because of B of A announcing they are not buying "paper" that has electronic signatures. Again, come on!!!
Nobody has had an issue with this for over a year now using DocuSign. It has been proven perfectly legal in all 50 states including going through Congress.
So after all this happen this week I reluctantly canceled my DocuSign subscription because now I can't justify the monthly fee to use this once great service. It had saved me tons of money in gas and time using DocuSign. Thank you Bank Of America for not considering again how your decisions affect the housing market and all the mechanics of us realtors trying to do our jobs more efficiently.
Comments (2)Subscribe to CommentsComment