DocuSign Inc. has applauded Wells Fargo Funding on its significant expansion in its acceptance of electronic signature on mortgage-related documents. Following on the FHA’s announcement in January that it would accept lender-generated loan documents electronically, the move by one of the nation’s leading mortgage investors demonstrates continued momentum of electronic signature acceptance among financial service providers for facilitating Digital Transaction Management (DTM).
DTM 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 percent digital workflow with DocuSign’s DTM Platform. DocuSign guarantees that it exceeds Wells Fargo Funding’s security and compliance requirements.
The move by Wells Fargo Funding is detailed in today’s update to its Seller Guide, clarifying its requirements and simplifying its eDelivery/eSignature approval process. Requirements that will be of particular interest to DocuSign users include:
Eligibility: All documents generated and signed prior to closing, including disclosures and loan documents, are now eligible for execution with electronic signature (except where Agency and/or state or Federal law prohibits the use of eDelivery and/or eSignatures).
Auditing: An audit trail must accompany each closed loan package in which eSignature technology is utilized.
Retention and Compliance: New requirements are detailed for record retention for supporting evidence of compliance at all levels (Federal, State, Agency, Wells Fargo Funding, etc.).
“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 at 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.”