At this time, Magenta is accepting virtual inspections conducted on properties where the homeowners are still occupying the building.
Magenta will accept appraisals under the following guidelines:
- The appraiser has conducted an interview with the homeowners over the phone or video call
- The homeowners have conducted a live video tour of the property with the appraiser
- Photos are taken by the homeowners and emailed to the appraiser following the video tour
- The appraiser has driven past the property and has conducted a normal exterior inspection
- The written appraisal report includes notes on all appropriate Extraordinary Limiting Conditions and Extraordinary Assumptions
- The appraiser includes details on how the inspection was conducted and lists all sources of information
Standard, full-interior inspections should still be completed on vacant properties.
Magenta now accepts electronic signatures from brokers under the condition that the Mortgage Commitment and Mortgage Application are reviewed and signed with the lawyer prior to funding.
We accept e-signatures on the following documents from brokers:
- Magenta Application
- Mortgage Commitment
- Emergency Contact Form
- Gift Letter
- Agreement of Purchase and Sale
- Client 3rd Party Consent
Magenta does not accept e-signatures from lawyers however, we’re currently accepting signed documents that have been witnessed virtually via video conference by the lawyer.
For signed documents that have been witnessed virtually via video conference by the lawyer, the lawyer must provide a statutory declaration confirming the following:
- The reason why they need to meet with the borrower remotely
- The lawyer verified the borrowers ID through video conference
- The lawyer obtained a scanned copy of the ID prior to the video conference and compared it to a screenshot of the ID during the video conference
- The lawyer is satisfied that the identification document appears valid and current
- The lawyer compared the image in the ID with the borrower and was satisfied that it is the same person
- Confirm whether they have ever acted for the borrower before
- Confirm that the borrower appeared to have the capacity to sign the documents
- Confirm that the borrower understood the documents signed and that they had adequate opportunity to ask questions during the video conference
- Confirm that there were no red flags or reasons for concern
If you’re a broker or lawyer and would like to speak with our team about these policy changes, please email firstname.lastname@example.org.