FHA Changes the Game for Real Estate Professionals and Mortgage Lenders
Posted by Ken Moyle
Yesterday’s announcement (Mortgagee Letter 2014-03) by the Federal Housing Administration to expand lender authority to accept electronic signatures on documents associated with mortgage loans is great news for the real estate industry and for DocuSign customers! We couldn’t be more thrilled – after a long, ongoing partnership with the FHA – to see DocuSign eSignatures now accepted on origination, servicing, and loss mitigation documents, as well as FHA insurance claims, REO sales contracts, and related addenda. These are in addition to purchase and sale agreements and other third party documents, contracts, and agreements where eSignatures are already accepted per Mortgagee Letter 2014-14 issued in 2010.
Real estate professionals have been adopting electronic signatures for years but have encountered a source of frustration with lenders who have been waiting on government authorities to issue changes. That wait is over! The real estate community can rejoice in this game-changing announcement as the industry continues to strive to be more efficient through innovative, proven technology. The days of printing, faxing, scanning, overnight and even driving across town to sign documents will soon be a thing of the past.
Buyers, sellers, brokers, agents, and mortgage lenders will benefit from easier, faster, more convenient, and secure home loan closings with DocuSign.