City of Pensacola Florida

WASHINGTON – April 12, 2010 – The U.S. Department of Housing and Urban Development (HUD) announced that it would allow electronically signed documents in transactions involving home loan guarantees by the Federal Housing Administration (FHA). The National Association of Realtors^® (NAR) praised the decision.

In a Mortgagee Letter released last week, HUD announced guidance for accepting electronically signed documents from third parties, that is, sales contracts.

“This is a great step forward in speeding up the real estate transaction and making it easier for buyers, sellers and real estate professionals to complete transactions timely and efficiently, ” says NAR President Vicki Cox Golder. “We applaud FHA’s refreshing attitude towards modernization and making electronic signature capabilities acceptable for its mortgage transactions.”

Second Century Ventures, NAR’s venture capital arm, offers an e-signature tool, DocuSign.

According to Dale Stinton, NAR chief executive officer, the e-signature process is convenient and legally compliant. Rather than driving across town or forcing clients to find a fax machine, real estate professionals can execute agreements with buyers and sellers electronically, eliminating the old process of printing, faxing and waiting for a return fax.

© 2010 Florida Realtors® blogged by Jeannette Spencer

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