The Federal National Mortgage Association, commonly known as Fannie Mae, is finally joining the digital revolution. It's just announced a new partnership with DocuSign to give buyers an “easy, fast and secure way” to perform electronic signatures on its documents, HousingWire reports.
Image credit: szmiki95 via pixabay.com
DocuSign will also provide electronic handling and tracking services for documents, the agency said. Fannie Mae customers will be able to take advantage of the new digital services next month, a spokesperson added.
To begin with, Fannie Mae will allow electronic signatures on its lender master agreements and master selling and servicing contracts, as well as certain custodial documents. Later, the agency is planning to make the service available to other types of documents.
Fannie Mae said in its statement that DocuSign's software is simple and user-friendly thanks to the way it “automatically walks the user through the process”. It added that there's no training required for users to electronically sign documents using the service.
Fannie Mae also provided an infographic (see below) that explains how the new digital services work, saying it will improve the operational efficiency for all parties in a contract. Previously, there were 11 steps involved in the process of signing documents, with multiple emails, printing and scanning of the documents involved. With the new system, Fannie Mae says it's reduced that process to just four steps, all of which can be completed electronically.
It's as simple as “Click. Sign. Done,” Fannie Mae said in its statement.