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New FHA policy seen as important step toward e-mortgages
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Consumer Protection
Wednesday, February 5, 2014
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The Department of Housing and Urban Development (HUD) said the Federal Housing Administration (FHA) will accept electronic signatures on more mortgage documents. A new policy, unveiled in a Jan. 30 HUD mortgagee letter, 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.
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