One BIG ginormous GULP echo.. echo.. echo…
| HUD No. 14-011 Lemar Wooley (202) 708-0685 |
FOR RELEASE Thursday January 30, 2014 |
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FHA TO ACCEPT MORE DOCUMENTS WITH ELECTRONIC SIGNATURES
Action continues broader effort to modernize FHA’s processes
WASHINGTON – The Federal Housing Administration (FHA) today 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, 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”.
Lenders choosing to employ e-signatures may begin using this policy immediately for single family forward mortgages and FHA’s reverse mortgage products, Home Equity Conversion Mortgages (HECM). Lenders are required to adhere to the Electronic Signatures in Global and National Commerce Act (ESIGN), have specific technology and operational capabilities and controls, documented quality control processes, and the ability to adapt e-Signature to FHA’s existing record retention processes.
The e-Signatures policy announced today will help streamline the origination process and help reduce document submission timeframes for borrowers seeking options to avoid foreclosure. Initially, e-Signatures will not be accepted on the mortgage note itself. FHA plans to begin accepting e-Signatures on forward mortgage notes at the end of the year.
A Mortgagee Letter detailing FHA’s extended acceptance of e-signatures is posted on the HUD website.
Source: U.S. Department of Housing and Urban Development
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This being done because there is no proof on when these blank Notes were accepted? FHA with the Ginnie Mae pooled loan are and have been screwed up since the being of the GNMA securities program.
Right now FHA has to deal with 700,000 FHA foreclosures from 2009-2010 that the no proof that Ginnie never actual had possession of and as to what date the alleged relinquishing of the blank Notes were.
Now with this move at least there is a signature of when the Note were received, however this does not solve the problems of the past!