Wells Fargo will be widening its acceptance of electronic signatures for mortgage-related documents using DocuSign, a leader in digital transaction management.
“The move by one of the nation’s leading mortgage investors demonstrates continued momentum of electronic signature acceptance among financial service providers,” DocuSign says in a statement. “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,” says Ken Moyle, DocuSign’s chief legal officer.
Wells Fargo’s move follows on the heels of the Federal Housing Administration’s announcement in January that it would allow electronic signatures on mortgage-related documents.
Wells Fargo will begin to accept e-signatures on documents generated and signed prior to closing, including disclosures and loan documents. DocuSign says that e-signatures can expedite the processing of mortgage paperwork and “make real estate transactions easier, faster, more convenient, and secure while minimizing paperwork, reducing errors, and assuring compliance with all applicable legal regulations.”
“We are delighted that Wells Fargo Funding … is taking strong, positive steps on behalf of its vast ecosystem of brokers to accelerate transactions and keep business digital,” Moyle says.
Source: “Wells Fargo Funding Embraces DocuSign for Mortgage Documents,” BusinessWire (April 15, 2014)
