This is so important, we're reblogging this from DocuSign's Corporate Blog.
PLEASE reblog this and email the FHA to let them know that they need to accept electronic signature! Details below:
Are you having problems using e-signatures with clients who have FHA loans? Are your clients losing their rate locks? Do they have to go back and re-sign with a “wet signature” because some lenders are unwilling to accept e-signatures? Has this affected your income? If you’ve been touched, frustrated or worse, lost income because of this issue, we need to hear from you!
We are working to help you.
At DocuSign, we heard you loud and clear and have teamed up with ESRA (Electronic Signature & Records Association, www.esignrecords.org) to bring this message to theFHA. ESRA’s mission is to educate its members, the public, and the government with respect to the legal, regulatory and operational aspects of the use and acceptance of electronic signatures and records.
We need your help.
As you know, electronic signatures are not new. Signed into law in 2000 by President Clinton, the ESIGN act provided for documents and signatures in electronic form to have the same legal standing as paper documents and handwritten signatures. By not recognizing these 100% valid transactions, FHA is single-handedly setting e-commerce back years and creates real economic hardship for all parties in the real estate transaction.
To effect change with lenders, change must first start in Washington D.C., more specifically the FHA. With FHA’s sudden preeminence in the mortgage market, its policies are affecting those of major lenders.
What you can do.
Your voices need to be heard by decision makers at the FHA. To do this, tell your story of customer frustration, economic loss, whether it is financial or hours/time lost in closing because of last minute lender acceptance problems, and demand the FHA publicly state its policy regarding e-signature acceptance. The only way to effectively turn the wheel of change from “status quo” to “e-signature acceptance” is to stand up and be heard.
You can use our template to copy and paste into your email or just use it for inspiration.
Address your email to the following list of public representatives.
David.H.Stevens@hud.gov
Margaret_Burns@hud.gov;
Bonnie_McCloskey@hud.gov
cc: ESRA@esignrecords.org.
Act Now! FHA needs to hear from you. Send your email today.
Together, let’s make a difference. Click here for more information about this initiative regarding esignaures and the FHA.
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Good point and absolute necessity in our industry. 10X better than faxes you can't read.