Electronic Signatures Policy Manual
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.
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.
The policy features the following benefits:
- Defines key terms associated with the regulation
- Outlines consumer consent requirements, technical and quality control requirements; authentication and attribution of records, and record retention
- Includes requirements and exclusions as published by the agencies
- Complete Electronic Signatures Policy Manual, saving you development time and resources
- Delivery via email within one business day after purchase
- Meet your regulatory or internal compliance requirements
- Affordable one-time purchase fees
Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.
Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.
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|1.1||Goals and Objectives||Mandatory Review||Include the point of view or culture of your organization in this section, if applicable.|
|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.|
|5.2||Consumer Disclosures and Consent||Mandatory Review||This section states that you allow the use of electronic signatures for initial disclosures. If you do not do so, modify this section. You should also include or refer to the procedures by which you provide notification and gain consent.|
|5.3||Technology Requirements||Recommended Best Practice||This section states that you will provide the consumer with a statement of hardware and software requirements they will need in order to sign electronically. You should refer to your internal procedures that support this.|
|5.4||eSignature Vendor||Optional Enhancement||If you engage a third party to provide electronic signature capabilities, identify that vendor here.|
|6.2.5||Fannie Mae eMortgages and eNotes||Recommended Best Practice||If you have been approved to deliver eMortgages by way of an addendum to the Mortgage Selling and Servicing Contract with Fannie Mae, you should indicate that approval here.|