"Here at DotLoop, we always knew we were on to something big. Call it intuition, call it gut instinct, call it clairvoyance, but we just knew that the old way of doing things wasn't working," says Nick Sweeney of DotLoop.
A monumental announcement was made yesterday 4.8.10 by the FHA and their acceptance of Electronic Signatures across the board on third party documents. "It’s about time" says many critics in the real estate industry. Every other industry including internal document submission for the Federal Government have adopted, embraced and in some cases mandated electronic signatures as the future and standard of signatures in everyday business practice. Why would an industry or business practice adopt and mandate electronic signatures?
Some say it is due to
-increased security,
-increased efficiency,
-increased convenience
-increased accuracy
-proven practice (for over a decade)
My response: Yes, all above are correct in reference to the benefits of electronic signatures over "wet ink" signatures.
“For agents, though, this is a major benefit, because now you will no longer have to deal with bank managers asking for "wet" signatures. Sure, electronic signatures have been legal for a decade thanks to the ESIGN Act of 2000, but with this new announcement, tech savvy agents across the country can now celebrate even more. So, when it was announced late yesterday that the FHA is now accepting electronic signatures for every real estate transaction, we had to do a little chuckle. It's about time they caught up to the future of real estate,” says Sweeney on DotLoo Blog
Thanks to all of you who have been using DotLoop to make your lives easier and less frantic. Yesterday's announcement was a win for you, too.
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