Digital Signature Controversy (sellers not accepting them)

The two largest companies that I know that are rejecting digital signatures are:

• Fannie Mae
• HUD

I was very impressed with Rick Triola, the President and CEO of Settleware who called me personally about this issue since they offer a Digital Signature product.  He wants to be part of the solution.

John/Kasey, I know one of the local title companies told me that they have people sign the docs, but scan them (turning them into digital documents) and send them, but they won't accept digital to start with.

What next, will the BPO's start requiring us to use our Polaroid cameras instead of digital cameras next?  

I thought "regression analysis" was a math process not a modern day business practice of regressing (digressing) from the progress we had made with technology.  Oh wait, we are dealing with the government and banks...

@ An, Thanks!  I will check out the lender acceptance toolkit.  I have request written verification from the agent that told me my offer needed to be wet signatures.  She is trying to get it from Fannie Mae.  On the HUD, I need to grab it from the training materials for a HUD REO class put on by GBS (they outsourced vendor for our area).  It would be helpful if DocuSign could have an acceptance letter from someone with authority at the major banks and REO vendors so we can just attach the "corporate" approval from them when we submit our offers.

This is from recent communication from Fannie Mae Vendor Desk (thanks Shelley)

As you review the above listed documents, please be sure to make a special note of the following points. Upon Acceptance:

• Prepare a contract package with all documents reflecting the final negotiated terms with no mark-outs or changes.
• Submit the contract package within 5 days of the Acknowledgement Date.
• The Acknowledgement Date is the date in the system when the Listed Status changes to Offer 
  Accepted status and is the date used to start the clock on the inspection and financing
  contingencies.
• Electronic signatures are not allowed on any documents, except for the seller per paragraph 34 of REPA

@Rick, your welcome.  When we become Realtors, we take an oath to help improve the industry in which we serve.  I am just trying to help do my part.  I appreciate you stepping up as well!

@Jordan, I agree that we need authentication at times but not always.  In my opinion, any time you would typically need a notary, you should have strong authentication.  Most esignature solutions have much stronger authentication even at the "free" service level than you would have by receiving a fax of the document.  There are serious authentication levels when needed.

@Rick, thanks again.

@Trang, When did you close that transaction with Fannie Mae?  The one I closed in February was accepted with Digital Signatures but when I submitted an offer in April, I was told they no longer accepted digital signatures.

@An, I am not a Fannie Mae listing broker (unfortunately) so I don't have access to that data.  When I had a previous issue with Fannie Mae, I called their Resource Center and they were very helpful (after I leveled up a few times).  The problem in the previous case was the Regional Servicing Agent was misinterpreting Fannie Mae Guidelines, so someone from Fannie Mae called them and told them to accept my offer.  I was most impressed!

Here is that contact information.

Resource Center at 1-800-7FANNIE (1-800-732-6643) Monday through Friday, between the hours of 8 a.m. and 8 p.m., Eastern Time.

Update: HUD issued Mortgagee Letter 2014-03 saying the accept some digital signatures.  Fannie Mae / Freddie Mac / VA are opening up as well.  We are finally getting there.  Hard to believe we still have to fight this battle since Digital Signatures were legalized nearly 15 years ago!