#realestate, #cre, #commercialappraiser FW: FHA INFO #14-05: Mortgagee Letter 2014-03 Expands Authority to Lenders to Accept Electronic Signatures

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Curtis D. Harris, BS, CGREA, REB
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State agencies should be aware that Title XI and the Agencies' regulations prohibit federally regulated financial institutions from excluding appraisers from consideration for an assignment by virtue of their membership, or lack of membership, in any appraisal organization. Federally regulated financial institutions should review the qualifications of appraisers to ensure that they are qualified for the assignment for which they are being considered. It is unacceptable to assume that an appraiser is qualified solely due to membership in, or designation from, an appraisal organization, or the lack thereof. The Agencies have determined that financial institutions' appraisal policies should not favor appraisers from one or more organizations or exclude individuals based on their lack of such membership. If a State agency learns that a certified or licensed appraiser allegedly has been a victim of such discrimination, the State agency should inform the Agency which has regulatory authority over the involved financial institution. INCLUDING THE APPRAISAL INSTITUTE-MAICONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal
 
From: FHA info [mailto:[email protected]]
Sent: Thursday, January 30, 2014 2:10 PM
To: [email protected]
Subject: FHA INFO #14-05: Mortgagee Letter 2014-03 Expands Authority to Lenders to Accept Electronic Signatures

  
 
FHA INFO #14-05January 30, 2014 nEWS AND UPDATES TO: All FHA-Approved Mortgagees___________________________________________________________________________________ 
What’s New:
Mortgagee Letter 2014-03 Expands Authority to Lenders to Accept Electronic Signatures Today, FHA’s Office of Single Family Housing published Mortgagee Letter 2014-03 that grants expanded authority to lenders to accept electronic signatures (e-Signatures) on documents associated with mortgage loans. The new policy allows e-Signatures on origination, servicing, and loss mitigation documents, as well as FHA insurance claims, REO sales contracts and related addenda. Current FHA policy allows for electronic signatures only on third party documents such as sales contracts and other documents not controlled by the lender. The e-Signatures policy announced today will help streamline the origination process and help reduce document submission timeframes for borrowers seeking options to avoid foreclosure. Initially, e-Signatures will not be accepted on the mortgage note itself. FHA plans to begin accepting e-Signatures on forward mortgage notes at the end of the year.______________________________________________________________________________
Additional Information
Lenders choosing to employ e-Signatures may begin using this policy immediately for single family forward mortgages and FHA’s Home Equity Conversion Mortgages (HECM). It is also required of lenders to adhere to the Electronic Signatures in Global and National Commerce Act (ESIGN), have specific technology and operational capabilities and controls, documented quality control processes, and the ability to adapt e-Signature to FHA’s existing record retention processes. Mortgagees and servicers must review Mortgagee Letter 2014-03 to obtain additional information on the policy and requirements at: http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee ____________________________________________________________________________________
Learn More:
Call the FHA Resource Center at 1-800-CALLFHA (1-800-225-5342). TDD/TTY 1-877-TDD-2HUD (1-877-833-2483)Visit our online resource information at www.hud.gov/answers   TRAINING and eventsWebinar Title:FHA Single Family Lender Electronic Assessment Portal (LEAP) UpdateDate/Time:Wednesday, February 5, 2:00 PM – 3:00 PM EasternEvent Location:On-line Webinar – No FeeRegistration Link: http://www.visualwebcaster.com/event.asp?id=97735     RESOURCE INFORMATION 
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