HUD to Allow Electronic Signatures on Some Documents for FHA Mortgage Insurance
On April 8, 2010, Commissioner Dave Stevens announced that, effective immediately, FHA will begin accepting electronic signatures on "third party documents originated and signed outside of the lender's control, such as real estate contracts." This change, which NAR has long advocated, is the first in a series of changes that eventually will permit more real estate transaction documents to contain electronic signatures, thus improving the efficiency of FHA mortgage transactions.
NAR President Vicki Cox Golder praised the move and commended FHA's "refreshing attitude towards modernization." NAR CEO Dale Stinton also noted that "the use of electronic signatures in real estate transactions is a valuable tool for the consumers and the real estate industry." Since last fall NAR has been partnering with it REALTOR Benefits® partner, DocuSign, to help buyers and sellers sign bids and other closing documents online. DocuSign is an investment of NAR's capital venture arm, Second Century Ventures.
This means that finally, the real estate industry gets another restraint removed from their daily grind. The matter of ‘Electronic Signatures’ and their acceptance has been widely approved with the exception of some organizations like HUD, who have just entered into current times from the dark ages. The HUD recognition of electronic signatures will add to many other efforts to streamline Short Sale and REO transactions as well as the traditional.
Let this one be an added success tool for every professional that moves through and in & out online commerce, sales offices and the public and private setting we communicate with our Clients and Prospects.
Ahh, the little conveniences of Life!
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