Bank of America has recently announced an update to its Third-Party Authorization Form. You may remember that back in April, Bank of America announced that it was standardizing its policies and procedures and would now only be accepting their own Third-Party Authorization.
Well, effective May 22, 2012, Bank of America has updated its form to include licensees and their assistants. The 2-page document requires acknowledgements from all parties and designated representatives that will be working on the short sale.
According to the folks at Bank of America:
The form has been updated to permit those who are working under the supervision of the Licensee (Real Estate Agent/Broker or Attorney) to be a Designated Representative on the short sale.
NOTE: The Licensee must still be identified on the form and be the named party representing the seller in Equator.
Ensure the following:
- The Homeowner has listed both the Licensee and the Assistant (if applicable) as Designated Representatives on Page 1 of the form.
- The Licensee has signed the form and provided his/her License Number.
- If applicable, the Assistant has identified him/herself as the Assistant/Paralegal for the Licensee and has signed the form.
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