If you’re working with the FHA, you might be able to save some time and aggravation by taking advantage of electronic signatures on some documents.
What does that mean? NAR’s got some of the answers. Its government affairs folks sat down with FHA representatives to talk about e-sigs — what documents are covered (hint: most, but not the e-note), what the advantages are, and what’s coming down the pike.
As VAR’s Chief of Policy and Advocacy Martin Johnson explained, VAR has been pushing FHA to accept electronic signatures for some time.
“There is no doubt that Realtors who embrace digital transactions can provide their buyers and sellers with a more cost-effective, safer, and efficient transaction,” he said. “Our land records are digitally stored with our circuit court clerks. Virginia law allows for digital signatures on any document, including real estate contracts. Virginia law allows for electronic recording of deeds and deeds of trusts, and for electronic notarizations. The last step in the process was to ensure that FHA would accept the documents.”
Learn more in a four-minute video with NAR’s Bill Gilmartin.