On March 18, Mountain America Credit Union said it became the first financial institution in the U.S. to close a Federal Housing Agency insured loan with e-signatures instead of traditional ink and paper.
"We are now a 100% electronic shop when it comes to loan processing and closing," said Amy Moser, vice president of mortgage services at the $3.8 billion credit union in West Jordan, Utah.
Since 2010, Mountain America has used e-signatures to close conventionally insured mortgages but had to wait for FHA to approve the process, Moser explained.
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