Federal Housing Administration to Accept Electronic Signatures for Real Estate Contracts
Posted under: Financing in Seattle
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April 8, 2010 12:05 PM |
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This is a great day for eCommerce.
As the chief legal officer at DocuSign, I’d like to share my thoughts, as we applaud FHA’s action today. Their decision to clarify their position on electronic signatures will help streamline the sale and financing of homes across the country. Buyers, sellers and agents can use DocuSign’s online process to eliminate the time, expense and environmental impact of printing, delivering and signing large stacks of paper documents, and mortgage lenders can take comfort in knowing that DocuSign’s e-signature process is designed to be legally compliant in all 50 states and is fully evidenced by a comprehensive audit trail.
The last time Federal Housing Administration released any formal guidance on electronic signatures was way back in 1996. Over the past 18 months, DocuSign’s real estate and mortgage origination customers have made it clear that FHA urgently needed to update and clarify its position on electronic signatures. And we heard you.
It’s now OFFICIAL: E-signed third-party documents, including real estate contracts, are now being accepted by the Federal Housing Administration (FHA).
For more information and a link to the Mortgagee Letter from the FHA regarding electronic signature, please take a look at the DocuSign blog.
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Molly, I'm glad you're liking DocuSign! :) Let us know if there's anything you'd like to see, features, functions, etc.!