DocuSign Inc., whose Digital Transaction Management (DTM) platform supports legally compliant electronic and digital signature processes, applauded Wells Fargo Funding on its significant expansion in its acceptance of electronic signatures on mortgage-related documents.
Following the Federal Housing Administration’s announcement in January that it would accept lender-generated loan documents electronically, the move by Wells Fargo Funding demonstrates continued momentum of electronic signature acceptance among financial service providers.
DTM expedites processing of mortgage paperwork, making real estate transactions easier, faster, more convenient and secure while minimizing paperwork, reducing errors and assuring compliance with all applicable legal regulations. All current DocuSign customers involved in mortgage transactions, including brokers, lenders and escrow and title companies, may operate with the assurance that mortgage transactions with Wells Fargo Funding can be completed in a 100 percent digital workflow with DocuSign’s DTM platform. DocuSign guarantees that its platform exceeds Wells Fargo Funding’s security and compliance requirements.
The move by Wells Fargo Funding is detailed in the April 15 update to its Seller Guide, clarifying its requirements and simplifying its e-delivery/e-signature approval process. Requirements that will be of particular interest to DocuSign users include:
- Eligibility: All documents generated and signed prior to closing, including disclosures and loan documents, are now eligible for execution with electronic signature (except where agency and/or state or federal law prohibits the use of e-delivery and/or e-signatures).
- Auditing: An audit trail must accompany each closed loan package in which e-signature technology is utilized.
- Retention and Compliance: New requirements are detailed for record retention for supporting evidence of compliance at all levels (federal, state, agency, Wells Fargo Funding, etc.).
“We are delighted that Wells Fargo Funding, one of the world’s most influential financial institutions, is taking strong, positive steps on behalf of its vast ecosystem of brokers to accelerate transactions and keep business digital,” said Ken Moyle, chief legal officer, DocuSign. “The rapid adoption of DocuSign by the real estate industry reflects the confidence and improved customer experience our solution provides for executing mortgage transactions. We believe it’s inevitable that financial institutions will follow the lead of visionary organizations like Wells Fargo Funding and adopt electronic signature for every transaction that formerly required a pen and paper signature.”