Chattanooga, TN (PRWEB) January 31, 2014
SIGNiX, the leading provider of secure digital signatures, announced today that it welcomed the news yesterday from the Federal Housing Administration (FHA) that it would immediately begin accepting electronic signatures on a broader set of documents in the mortgage closing process. Thanks to the new policy, home buyers can more quickly and easily close home loans on FHA-backed mortgages using electronic signatures like those offered by industry leader SIGNiX.
“Last year, we processed half a trillion dollars in real estate transactions, and we expect 2014 to be an even bigger year thanks to FHA’s widened acceptance of e-signatures,” said Jay Jumper, president and CEO of SIGNiX. “We are not only the largest electronic signature vendor in the real estate space with more than 350,000 paid subscribers, but we are also the only vendor to use highly secure, standards-based digital signatures for every single signature.”
The FHA guidelines specifically approved digital signatures, a type of technology that SIGNiX uses for each and every signature and initial on its documents. This type of signature is based on open, published industry standards that can be verified by third parties, with or without the vendor’s assistance.
“What we’re seeing here is a trend towards higher assurance when it comes to choosing an electronic signature to close a deal,” said John Harris, director of product management for SIGNiX. “For many years, industries simply said compliance with the Federal ESIGN Act was enough, but now more and more organizations like the FHA are requiring a higher bar, with additional protections for the document and signature. Simple ESIGN compliance is no longer enough, and SIGNiX has been prepared for this for years, with technology that far exceeds the requirements that FHA laid out yesterday.”
SIGNiX digital signature technology powers the industry-leading zipLogix Digital Ink® e-signature solution, allowing real estate professionals to easily send documents out for signature. With SIGNiX, buyers and sellers can immediately execute critical paperwork without having to leave their homes or offices, improving the customer experience and significantly improving closing time. SIGNiX digital signatures are based on published technical standards, providing peace of mind for attorneys, lenders, agents and clients alike.
"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," FHA Commissioner Carol Galante said in a release. "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."
The FHA’s Mortgagee Letter 2014-03, which was announced today, approves the use of e-signatures on origination, servicing and loss mitigation documents, as well as FHA insurance claims, REO sales contracts and related materials.
As the top e-signature vendor in the real estate industry, SIGNiX helps mortgage lenders and related companies exceed the requirements of Mortgagee Letter 2014-03, including:
SIGNiX, the most trusted name in digital signatures, makes signing documents online safe and secure. SIGNiX offers the only independently verifiable cloud-based digital signature solution, which combines convenience with best-in-class security. SIGNiX’s products help the world’s leading companies become more efficient, decrease risk and boost profits. For more information, visit http://www.signix.com.