Scott Palubinsky

Sales and Marketing Coordinator

The FHA is experiencing unprecedented growth increasing their market share from 3% to 35% in a relatively short period of time. This growth has prompted the FHA to seek efficiency enabling them to be more competitive and responsive to the industry’s trends. Realizing the benefits associated with a paperless process, the FHA is working to establish guidelines and procedures for the use of electronic signatures and records for the FHA insurance case binders.

What does this mean for the mortgage industry?  Margo Tank, Partner at Buckley Sandler LLP and counsel to the Electronic Signature and Records Association (ESRA), believes that FHA’s decision to embrace technology is significant for the agency and for the mortgage industry for a number of reasons:

• Forward Thinking.  The FHA’s thought-leadership in developing a set of guidelines designed to expedite the use of electronic records and signatures will establish the FHA as an innovative leader in the mortgage industry.
• Accelerate Electronic Adoption.  Many lenders are ready to embrace the use of electronic signatures and records but have been slow or reluctant to do so due to a lack of regulatory guidance and acceptance. Agency guidance will with out a doubt drive the use and acceptance of electronic signatures and records by the numerous entities that are part of the mortgage loan process.
• Flexibility and Improved Customer Service.  Through the incorporation of electronic signatures and the acceptance of electronic records, the FHA can be responsive to market demands and the need for change in the industry to stay competitive. Greater efficiency and reduced processing costs will enable the FHA to better serve its clients.
• Enhanced Data Security.   Electronic signature processing and records management will make sensitive customer information more secure. In today’s world, clients want the assurance that their information is protected.

In developing these guidelines, FHA understands the benefits of increased efficiency. Their goal is to move to a entirely paperless process, allowing them to fully realize the many benefits of technology, including transparency and reduced costs.

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