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E-signatures a step towards increased efficiency, FHA director says
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Wednesday, April 23, 2014
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Just a couple months after the Federal Housing Administration (FHA) announced on Jan. 30 that it would be granting expanded authority to lenders to accept electronic signatures, or e-signatures, on mortgage-related documents, the acting director of program development at FHA spoke out about the rationale behind expanding the acceptance of e-signatures and what the shift means for the industry.
Although FHA has accepted e-signatures on some third-party documents in the past, such as on sales contracts, the new policy allows for e-signatures on origination, servicing and loss mitigation documents as well as on FHA insurance claims, REO sales contracts and related addenda.
FHA moved to accept e-signatures on a larger scale in order to increase efficiencies throughout the mortgage origination process.
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