Fannie Mae is joining the electronic document revolution.
The government-sponsored enterprise announced that it is partnering with DocuSign to provide an “easy, fast, and secure way” to execute agreements with Fannie Mae by allowing electronic signatures on several of its documents.
The new e-document process will also allow for the electronic tracking and handling of documents, Fannie Mae said.
Fannie Mae made the announcement in an email on Tuesday sent to lenders and servicers.
According to Fannie Mae, the new e-signature process will roll out in early December.
In its initial phase, Fannie Mae will implement e-signatures for its lender master agreements, master selling and servicing contracts, and “certain custodial documents.”
Fannie Mae said that other documents “may be impacted” at a later date.
According to Fannie Mae, the DocuSign software is “intuitive and simple to use and automatically walks the user through the process,” with no training required.
In the email to lenders and servicers, Fannie Mae also included an infographic that explains the new process, and how it “improves operational efficiency for all parties.”
On the infographic, which can be seen here, Fannie Mae says that in the “old way” of signing documents, there were 11 steps to signing documents, involving multiple e-mails, printing documents, signing documents by hand, scanning those same documents, and re-emailing them.
According to Fannie Mae, the new process is reduced to four steps, all of which are done electronically.
With the new process, it is, in the words of Fannie Mae, “Click. Sign. Done.”
Click here to see the infographic from Fannie Mae on the new e-signature process.
