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Volume 7 - Number 5

February 28, 2014

Ginnie Mae Expresses Concern over Use of E-Signatures

Ginnie Mae has expressed concern about a new FHA policy accepting electronic signatures on most mortgage documents and will seek input and feedback from issuers. In a memo to participants this week, the agency said electronic documents "present unique challenges to implementation." In a Jan. 30 mortgagee letter, the FHA announced that it would begin accepting electronic signatures on most loan docs, including loan disclosures and loan servicing/loss mitigation documents. The FHA said it will accept electronic signatures only on "authorized" docs but delayed their use on notes until Dec. 31, 2014. This delay reflects considerations that are necessary in connection with electronic notes (eNote) and electronic mortgages (eMortgages), said Ginnie Mae. An electronic signature is a signature that is applied or affixed to a document by electronic means. Scanned images of paper docs that bear a physical or "wet" signature are not ...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

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