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REO Banks & Mortgage Lenders Need DocuSign

REO Banks and Mortgage Lenders Need DocuSign

With the ever increasing volume of Short Sales, REO (Bank Owned) type properties it would be wonderful if those entities would accept the available technology like DocuSign to streamline their entire process.  Inevitably when responding to a potential buyers offer these banks fire back a barrage of boiler plate addenda needing the buyers review and acceptance.  However the trends seems to be their non acceptance of digital signatures.  They seem to be ok with a copied version of a signature even a largely distorted fax version of a signature but not a digital signature. Why?

The DocuSign or digital type signature allows documents to be seamlessly transferred to nearly any IP DocuSign Logo DocusSign Challengeaddress in the world with just minutes of turnaround time.  An entire offer could be crafted, digitally signed by the buyer and broker then sent to the listing agent, who would then review and forward to the selling bank or entity.  They in turn could digitally review the offer, craft a counter or send along their addenda back to the listing agent.  He/She in turn forwards to the buyer broker and then back to buyer.  You get the idea here, no one has touched a piece of paper yet.  With the current no digital method a ream of paper has been consumed, ink, power to run the printer beast and some poor soul to monitor the whole fiasco.  Now it has to be scanned, uploaded, tagged and bagged. It’s all so terribly convoluted!

So why is the OLD FASHIONED scribble so important? Oh, by the way DocuSign can do that too just not a WET version.  The technology is here, it works and I sure would like to see all REO Banks, Mortgage Lenders and even Title Companies jump on board.  I know this is all down the road a piece but it’s already in use successfully all over the world.  How often do you actually wet sign a credit card receipt when checking out at big box stores, grocery stores etc?  
I still believe in the old adage Keep It Simple Stupid! This is so simple!

Hey, I love trees too!

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Comment balloon 38 commentsJohn McCormack, CRS • November 10 2012 06:40AM

Comments

Fannie Mae accepts electronic signatures. Think they started in late summer as I've had buyers make offers on two properties with electronic signatures and one has gone to closing.
Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 7 years ago

Hi Cindy,  Now that sounds like progress.  I'm working on one right now that refused any E signatures, really created a big hassle for myself, the buyer and even the listing agent.  I think it's staring to take hold, maybe some continued prodding will help.

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) over 7 years ago

Slowly but surely we see progress!

Posted by Kathy Stoltman, Ventura County Real Estate Consultant 805-746-1793 (Rockwood Realty) over 7 years ago
John, It aggravates me to no end that they will not accept e-signatures. Maybe one day soon they will get with the program.
Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 7 years ago

Hi Kathy,  I have to admit it took me a while to accept this whole E-siggy thing but when I did I was converted immediately.

Debbie, Same here!  I get a bit aggiated when a potentially straight forward transaction can get so convoluted with uneccsary paper issues.  So time consuming and un-productive. 

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) over 7 years ago

John, there ARE a couple accepting them now, but when they send their contracts and PAGES of addenda back, there's no choice but to print all those pages and get a "wet signature" anyway.  Makes NO SENSE!!!!

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Fine Properties) over 7 years ago

John,

This is a great idea by you but the reality is these financial institutions are like dinosaurs and probably will never accept electronic signature well at least in my lifetime.

How is Debbbie doing and we are praying for your entire family. we are so sorry to have heard this terrible news and have empathy with you folks.

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 7 years ago

John, the biggest culprits with Robo Sign will hold out for a long time, just because

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 7 years ago

I think everyone should use Docusign for sure.  It would be so much easier if all lenders REO and otherwise just came out of the dark ages!

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) over 7 years ago

Hey Juli,  I know it will be good while before we can go ink-less but may if we keep pushing and bring this technology to light it will take hold and everyone's life so much easier.  I know the lawyers have a different idea on this.

Hi Robert,  And I thought I was the Dinosaur, I don't bend easily these days ya know..LOL.  Debbie is doing as well as can be expected, today was the services for her sister.  I long, hard, emotional day for her and so many.  I miss her!

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) over 7 years ago

Hi Ed,  No doubt! They got their hands spanked and the sting is still prevalant.

Hi Brenda, Sniff..LOL  One day they will all see it our way....Right?

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) over 7 years ago

Woo Hoo! I'm with you. I sure would love to see all three of these using electronic signatures. Hopefully soon! :)))

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (101 Main St. Realty) over 7 years ago

John - I'm with you, banks need to get on board with the technology.  It's time to get with the program!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) over 7 years ago

Hi John.  I have a Fannie Mae sale where they are requiring a wet signature.  Go figure.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 7 years ago

John, I've lagged behind on my iPad getting it set up for real estate...it is a great tool for DocUsign.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) over 7 years ago

John as you know we are still in the dark ages here and i long for the day to see the light!

Posted by Ginny Gorman, Homes for Sale in Southern RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) over 7 years ago

John - that would be wonderful but some of them are just so stubborn. Great post. suggested

Posted by Toni Weidman, 20+ Years Selling Homes in New Port Richey, FL (Sailwinds Realty) over 7 years ago

Good Morning John, That would sure make life easier. They are so behind in their process as it is.  Have a great Friday

Posted by Scott Godzyk, One of the Manchester NH's area Leading Agents (Godzyk Real Estate Services) over 7 years ago

John  There is no logical explanation other than, "He who has the money makes the rule"

Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Executives) over 7 years ago

Hi John -- I agree!   

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 over 7 years ago

Yes, yes, yes, John. You nailed it with the point that we don't even 'wet' sign a credit card receipt, heck we just tap it and go!

Posted by Al & Peggy Cunningham, Brokers, Our Family Wants To Help Your Family! (RE/MAX West Realty Inc., Brokerage) over 7 years ago

Hi John - I keep hearing that many will accept it but I have yet to find both agents in a transaction agreeing on that so we just keeping going with wet signatures. Regards Dave

Posted by David Grbich, Orange County Real Estate - 949-500-0484 (Realty One Group - www.FindCARealEstate.com) over 7 years ago
John, I have paperwork to finish up for an REO sale and can't do it because the buyer is out of town and the lender won't accept digital signatures. It just doesn't make sense.
Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 7 years ago

The last short sale I sent in with DocuSign they asked for us to resign, so they dont like this technology net.

Posted by Chuck Carstensen, Minnesota Real Estate Expert (RE/MAX Results) over 7 years ago

Good morning John,

It could be so easy!! It does not make sense for them not to jump on board with the way the rest of the world is doing business!! But then I don't think they really have ANYONE advising them and in charge of streamlining the process!! Just not in their mix right now! Great post! Suggested!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) over 7 years ago

Hi John, Working with Docusign would sure make things a lot easier for all those transactions with REOs, and Short Sales, and even HUD needs to get on board with this program too.

Posted by Jerry Newman, Texas REALTOR, San Antonio Military Relocation (Brown Realty, 210-789-4216,www.JeremiahNewman.com) over 7 years ago

Man, you sure do get up early. :)

Can't believe you get your posts in so quickly each day - impressive. I agree, Docusign should be something accepted by all of the aforementioned entities. They are acting like dinosaurs - get with the program!

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) over 7 years ago

Hey John,  Docusign is the wait to go but some people are just not with the program YET!

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) over 7 years ago

John~ eventually it will be the norm, great job getting the word out!

Posted by Jon Kolsky, Licensed California Real Estate Broker (Kolsky Realty & Management) over 7 years ago

John, this would be SO helpful if these banks would start taking electronic signatures!   Even some of the banks are still way behind - needing wet signatures!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) over 7 years ago
Good Morning John, Have a few minutes before leaving to show property and must say I agree whole hardily with this. Wouldn't you think that Banks would have been more opened minded when it comes to technology. Perhaps bean counters like the piles of beans in front of them but when it came to robo signing, that must have been their idea of technology.
Posted by William Johnson, Retired Real Estate Professional (Retired) over 7 years ago

Good article.  All lenders need to use electronic signatures.  I recently wrote a contract on a property where the borrower wanted to get an FHA loan.  Can't do it electronically because they won't take them.  With sellers out of state, it's much more complicated than it needs to be.

Posted by Bryan Robertson over 7 years ago

John: I suspect it is going to be awhile before all lenders are onboard with electronic signatures...shame because it would make the home buying/selling process easier.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (Coldwell Banker Access Realty ~ 478.960.8055) over 7 years ago

You hit the nail on this one. I can't believe the time demands some of the lenders put on escrow. They send the docs electronically in the 11th hour, want it signed sealed and delievered (hardcopy) but not electronically? Are you kidding? In fact yesterday we got docs on a Friday afternoon and they want it back Tuesday with a Holiday on Monday... Get real... Yet, it would be possible if we could do it electronically.

Posted by Rene Fabre, Marketing in the Digital Age (First American Title) over 7 years ago

John,

Please give your wife our best as Yolanda and I have been thinking and praying for her, you and your families. take care.. BG

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 7 years ago

John I believe sooner or later they will come around.  I know its just not fast enough.  Hope Debbie is doing ok and hope your weekend goes well.

Posted by Cheryl Thomson REALTOR Army Ret, Associate Broker in Northern Virginia ( United Real Estate (703.216.5635) cheryltee47@gmail.com) over 7 years ago

John, with regards to your post let me say AMEN!!!! Is there a petition somewhere I can sign?

Posted by Nancy Laswick, Your REALTOR® For The Valley Of The Sun (United Real Estate) over 7 years ago
I was really surprised last week when I asked HomeSteps if they would accept electronic signatures and the said "Yes." This was particularly good news since my buyer is stationed in Afghanistan.
Posted by Charita Cadenhead, Serving Jefferson and Shelby Counties (Alabama) (Keller Williams Realty) over 7 years ago

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