| |
NewswireTODAY - /newswire/ -
Fort Thomas, KY, United States, 2010/04/09 - Dramatic move by the FHA carries major implications for home buyers, agents and partners. Securing mortgages since 1934, the FHA is the largest insurer of mortgages in the world.
|
| |
In a dramatic decision released yesterday, the largest insurer of mortgages in the world – the Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban Development (HUD) – announced that it would accept electronic signatures applied during the process of purchasing homes online.
The FHA acknowledged the inherent power of the Electronic Signatures in Global and National Commerce Act, commonly known as ESIGN, and the Uniform Electronic Transactions Act (UETA).
As the first online collaborative environment for real estate, DotLoop (DotLoop.com) was founded on the same business principals, plus a crazy concept: Keep It Simple.
“We knew this was in the works, and we extend a warm welcome to the FHA and real estate professionals whose lives will become instantly more manageable, more impactful, and more profitable,” said the co-founder and CEO of DotLoop, G. Austin Allison.
“The enormity of this decision is hard to understate. What this means is the FHA is basically saying ‘Hey, let’s go Green,’ ” Allison continued. “They are acknowledging what we have known since DotLoop exploded onto the national real estate scene last year: e-signatures are secure. The process works. Online collaborative real estate transactions are the future for real estate sales.”
The FHA provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multi-family homes, including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
“Electronic signatures have long been the gold standard for the banking and financial industries. At DotLoop, we see the FHA decision as an incredible opportunity for the entire real estate profession, besides the everyday buyer and seller of the American home,” Allison said. “For many brokers, what we’re talking about could be as much as 50 percent of their business.”
The FHA move was spurred by the Paperwork Reduction Act of 1995. Yesterday’s announcement was signed by David H. Stevens, Assistant Secretary for Housing under the Federal Housing Commissioner.
For additional information about the FHA announcement, please call the FHA Resource Center at 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD (1-877-833-2483).
For more information about DotLoop, please call (888) Dot-Loop, visit the website or send an email to info[.]dotloop.com.
|
ahemmer[.]dotloop.com 
