FHA Delegation Mortgage Policy Manual From AllRegs

The Electronic Signatures in Global and National Commerce Act (E-Sign) is a federal act that facilitates the use of electronic records and signatures in interstate or foreign commerce. The regulation includes specific requirements for obtaining consumer consent, providing the opportunity to withdraw consent, assuring that the consumer can reasonably access electronic records, and establishing guidelines for permissible purposes, E-Sign vendors, and record retention. E-Sign specifically excludes certain types of documents from being eligible for electronic records and signatures.

The Uniform Electronic Transactions Act (UETA) provides a legal framework for the use of electronic signatures and records in government or business transactions. UETA makes electronic records and signatures as legal as paper and manually signed signatures in transactions relating to business, commercial and governmental affairs.

Overview

HUD/FHA, Fannie Mae, Freddie Mac, Ginnie Mae, Veterans Administration, and USDA have each issued various types and levels of guidance with respect to the use of electronic signatures in mortgage lending. CFPB has issued a report (but no ruling) describing best practices.

Lenders and Servicers: Get your E-Sign plan in place with the AllRegs Electronic Signatures Policy Manual. This document summarizes E-Sign and UETA requirements for origination and servicing and provides additional guidance relating to the requirements and restrictions imposed by the agencies regarding the use of electronic signatures.



Benefits

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Policy Manual
FHA Delegation Mortgage
Section Title Priority Action
1.2 Required Review Mandatory Review Be sure this accurately reflects your company’s annual policy review process.
2.1 Internal Controls Mandatory Review Include or reference related procedures in this section.
3 Staff and Training Mandatory Review Include the means by which your organization provides and tracks required training.
4 Lender General Eligibility and Approval Standards Mandatory Review This section describes four types of FHA lender. You should indicate here your organization’s type.
4.3 Business Form Recommended Best Practice You should add to the introduction of this topic to describe the type of business form that describes your organization. You may note other types as N/A.
4.6.2 Branch Offices Recommended Best Practice It is recommended that you list your branch offices in this section.
4.8 Creditworthiness Optional Enhancement This section applies to Nonsupervised and Investing lenders. You should indicate if this does not apply to your organization, or remove this section.
4.12 Lender Experience Optional Enhancement Depending on your organization’s lender type, this may not apply and you should indicate that or remove the section.
4.13 Funding Program Optional Enhancement If your organization is a lender type other than nonsupervised, you should indicate that or remove the section.
4.17 Quality Control Recommended Best Practice You should reference the name and location of your QC plan, and indicate here if it is contracted to an outside firm.
4.19 Annual Recertification Recommended Best Practice Recertification must occur within 30 days of your organization’s fiscal year end. Include the date of FYE so this 30 day window is clear..