DocuSign announced that Wells Fargo Funding (WFC) is expanding its acceptance of electronic signatures for mortgage-related documents. The move comes months after the Federal Housing Administration’s announcement that it would be accepting more electronic signatures on mortgage-related documents as well.
"By extending our acceptance of electronic signatures on the majority of single family documents, we are bringing our requirements into alignment with common industry practices," said FHA Commissioner Carol Galante said at the time. "This extension will not only make it easier for lenders to work with FHA, it also allows for greater efficiency in the home-buying and loss mitigation process."
DocuSign says that its Digital Transaction Management system expedites processing of mortgage paperwork, making real estate transactions easier, faster, more convenient, and secure while minimizing paperwork, reducing errors, and assuring compliance with all applicable legal regulations.
“All current DocuSign customers involved in mortgage transactions, including brokers, lenders, and escrow and title companies, may operate with the assurance that mortgage transactions with Wells Fargo Funding can be completed in a 100% digital workflow with DocuSign’s DTM Platform,” the company announced. “DocuSign guarantees that it exceeds Wells Fargo Funding’s security and compliance requirements.”
Docusign says that all documents generated and signed prior to closing, including disclosures and loan documents, will be eligible for e-signatures.
“We are delighted that Wells Fargo Funding, one of the world’s most influential financial institutions, is taking strong, positive steps on behalf of its vast ecosystem of brokers to accelerate transactions and keep business digital,” said Ken Moyle, chief legal officer, DocuSign.
“The rapid adoption of DocuSign by the real estate industry reflects the confidence and improved customer experience our solution provides for executing mortgage transactions. We believe it’s inevitable that financial institutions will follow the lead of visionary organizations like Wells Fargo Funding and adopt electronic signature for every transaction that formerly required a pen and paper signature.”