The Bank Rejected My E-signed Document! What Can I Do Now?

September 22 2011

Never fear – there are simple steps you can take to make sure your stodgy old bank gets with the program and accepts your e-signed document. After all, if you use an established service – such as GoPaperless eSignOnline, DocuSign, Instanet and DotLoop – you can rest assured that your electronic signature is absolutely legit.

We chatted with Mehrdad Alaei, CEO of GoPaperless, to get expert advice on how to deal with your behind-the-times bank if your e-signed document gets rejected.

1) Speak to the bank manager and get an explanation for why they rejected the document. An over-the-phone conversation can be effective, but there’s a lot to be said for in-person interaction. Remember to remain calm. Yes, you’re in the right, but getting frustrated certainly won’t further your cause.

2) Show them the FHA letter stating that e-signatures are accepted nationwide. You can see the FHA letter herehere.

3) Show them the ESIGN Act laws and information that is available on the GoPaperless website: http://www.gopaperless.com/EsignOnline-eSignatures.aspx.http://www.gopaperless.com/EsignOnline-eSignatures.aspx.

4) Refuse to do business with banks that don’t accept paperless transactions and e-signatures. As we’ve clearly established and you, oh savvy agent, clearly know, e-signatures are legally acceptable. Further, your decision to choose e-signatures is better for your clients, your bottom line, and the environment.  With today’s technology and infrastructure, there’s no valid reason for an institution to reject e-signatures. And the majority banks WILL gladly accept the documents – there are plenty of other places to take your business.

E-signatures are the future of real estate – of every industry, in fact. Still, some institutions haven’t caught up with the pace of technology. We think these steps are a great way to deal with such a bank that is still behind the times.

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