Bank of America Electronic Signatures Requiremen​ts

Memo from Bank of America:

Bank of America accepts 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.  If these requirements are not met the short sale process may experience significant delays and may result in the decline of the file.

Agents choosing to use e-signatures will need to check with their electronic service provider to ensure the below requirements can be met prior to initiating a short sale. Currently, DocuSign is one provider that has shown they have the capability to meet our security requirements. However, this should not be construed as an endorsement, or recommendation of their work, and agents and sellers should use their own best judgment in choosing a provider.

Requirement

Details

Certificate of Completion Serves as a receipt showing exactly who signed, how they signed and where the signing took place.

The Certificate of Completion must incorporate:

  1. IP Address of each signer
  • Disclosed Authentication/Security levels of e-signature user
    1. Knowledge Based Authentication (KBA) allows signers to validate their identity – ID check must have a passed result showing
    2. Email address exclusive to each user/signer on the signing platform
    3. Account Authentication (password, passcode, or access code)
  • Global Unique Identifier or ID number or Transaction number

To meet authentication requirements for e-signed transactions, all three items must be included on the Certificate of Completion on each e-signature transaction for any customer or authorized third party (user/signer).

Bank of America E-Transaction Consent Disclosure Form
  • The required E-Transaction Consent Disclosure Form can be found on the Agent Resource Center under the “Short Sale forms” section.
  • Each electronic signer must consent and agree. The Consent must be signed electronically for those that have signed the documents electronically.
  • All four pages are required and must be fully executed.

Any e-signature platform selected by an agent must comply with the above requirements in order for the documents to be accepted by Bank of America.  There are no exceptions to these requirements.  If the requirements are not met when documents are submitted at the time of initiation the documents will be rejected.

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