Thanks to efforts by DocuSign, the National Association of REALTORS, the staff at FHA and many others, the real estate/lending industry has taken a major step......
Today, April 8, 2010, the Federal Housing Administration (FHA) issued a mortgagee letter permitting the use of e-signed documents! (The letter can be found on HUD.GOV website.)
What a break through! With real estate contracts usually being 20-30 pages long, this is going to really save a lot of trees... no more printing, signing, faxing/scanning; with the parties on the other sides having do the same, sometimes multiple times.
Sometimes my files end up 2 inches thick filled with printed copies of offers/contracts that don't even get ratified. I know I have been keeping files half electronic, half paper but with this step, my office will be focusing on having all records be 100% electronic.....and I am sure I am not the only one.
But forget about the records and the green aspect... the convenience level for customers, clients and agents is HUGE. Clients no longer have to worry about making time to see their agent in person, or alternatively to have a printer, and paper, and a scanner available to approve a simple contract change! This will save time, money and resources!
It's rare that I would say something like this, but today, I must say....
Hip, hip Hooray for the FHA!!!
