FHA, e-signatures and What this Means for You!
FHA is now allowing more documentation to accept electronic signatures. Prior to January 30, 2014 FHA already allowed e-signatures on documents not required by lenders including our Real Estate contracts. As of January 30th, 2014, "The new policy allows e-Signatures on origination, servicing, and loss mitigation documents, as well as FHA insurance claims, REO sales contracts and related addenda," Per HUD.
FHA Commissioner Carol Galante states, “By extending our acceptance of electronic signatures on the majority of single family documents, we are bringing our requirements into alignment with common industry practices,” and “This extension will not only make it easier for lenders to work with FHA, it also allows for greater efficiency in the home-buying and loss mitigation process”.
So what does this mean for you? The way we do business is changing daily. Consider taking the necessary steps to learn how to sign documents electronically and the best tools to do so. There are many products available. Learn the products now before you are forced into a position where you will need to know how to sign a document electronically.
Source: REALTOR Magazine
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