Attention, REO agents: will/does your asset manager accept electronic signatures?

"The bank won't accept electronic signatures."

Twice in the last week, REO agents called to say that the REO banks they're working with will not accept electronic signatures. The problem is, they heard from the asset manager in the morning, and expect that the offers will be revised and have "wet" signatures by close of that same day.

It is literally impossible for me to get wet signatures in time since both my clients work, and one of them is a mailman on his route. Even if I got hold of them it was a logistical impossibility to get them to sign the document and send this by 5 pm to the listing agent today.

The listing agent said they did not know the bank would not, or no longer accept electronic signatures. As a matter of fact, they had to scramble, too, sending emails and making phone calls to the agents who sent offers with electronic signatures.

They also scrambled to change the remarks on the listing that electronic signatures are not accepted by the specific lender.

What to do now that this is happening...

• Before posting a listing, REO agents should immediately ask their asset manager if they will accept electronic signatures
• REO agents should make sure this instruction is included in the MLS
• And companies like DocuSign, AssureSign should work on getting the REO banks to accept or continue to accept these signatures.

Wet signatures in this technology age?

Hard to believe that we still need wet signatures when we can bank online, pay bills online, buy stuff online, sign digitally when paying with credit cards at retail stores, etc.