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FHA to expand acceptance of electronic signatures
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The Federal Housing Administration (FHA) has announced that it is granting expanded authority to lenders to accept electronic signatures (e-signatures) on documents associated with mortgage loans. The new policy allows e-signatures on origination, servicing and loss mitigation documents, as well as FHA insurance claims, real estate owned (REO) sales contracts and related addenda. Current FHA policy allows for electronic signatures only on third-party documents, such as sales contracts and other documents not controlled by the lender.
“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,” said FHA Commissioner Carol Galante. “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.”
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