This morning I read the banner ad post on AR highlighting that Freddie Mac now allows for electronic signature of its loan documents. That's great news, but I don't see that it has been applied to offer process. I will do some more research.
So the Fannie Mae process has to be next in line for further revamping. The new process for making offers is a step towards improvement for Fannie Mae. Buyer's agent create a login and password. Then he or she can locate the property their buyer likes and input the terms of the offer. All is well until you get to the third page of the process where the buyer's agent has to upload documents that must have ORIGINAL signatures. Yikes - back to killing trees.
I was initially quite excited about the Fannie Mae process until I learned that the online entry does not 'talk to' the Fannie Mae system (AMN) that everyone uses to process an offer. The listing agent receives a notification of the online entry and is responsible for inputting the information into the Fannie Mae system so that the asset manager can review the offer.
So Fannie Mae we need one more piece of technology added the process - the link from your online offer entry directly to AMN. I know if HUD can figure it out, Fannie Mae can. It just takes all of the IT contractors putting their heads together to produce a better more efficient solution for the real estate market place. Just get the light bulb to burn a little brighter.
And then the final piece for HUD, Fannie and Freddie is to accept eletronic signature on contracts for purchase.
Perhaps no one who can influence the solution will read this, but at least I know that I addressed the issue for the sake of my buyer clients.