Electronic Signature

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Mindy Marcus, Apr 18, 2005.

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  1. Mindy Marcus

    Mindy Marcus New Member

    0
    Sep 29, 2004
    Professional Status:
    Licensed Appraiser
    State:
    California
    Quick question please. I tried to research this on the appraisal foundation website... but I will be looking for days.

    Our company does not put the electronic signature verbeage (the electronic signature is just as good as a regular... etc. something to that effect).... the appraiser told me that it is no longer required. A client of ours would like that put in the report and the appraiser told them.... no longer req. They would like to know when USPAP retired that and the wording? Anyone know where I can direct them.... I know in 2001 there was the standard 8 regarding the electronic transmission? Is that the standard?

    Thanks for your help.
     
  2. Randy Beigh

    Randy Beigh Senior Member

    0
    Jan 16, 2002
    Mindy,

    Bill Clinton signed into law the electronic signature law back in 1996. Some people can't move forward. In other words, I think your client is an idiot.

    But, if the client wants a statement, wouldn't it be easier to put a sentence to that affect rather than fighting with them? They aren't asking anybody to commit a crime. We each need to know what hill we want to die on and can't believe this one is that important to your bosses.
     
  3. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    8
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Although Statement 8 has been retired and federal law recognizes electronic signatures I still have the following statements in every addendum to every report that goes out the door. The main purpose of the paragraph is the last sentences:

    DIGITAL SIGNATURE:
    The software programs used to transfer the report electronically to the client provide digital signature security features for the appraiser signing the report. In the process of transferring the report to the client, the appraiser that has signed (affixed an electronic signature) to this report has ensured that the signature was protected and the appraiser maintained control of the signature. Electronically affixing a signature to a report carries the same level of authenticity and responsibility as an original ink signature on a paper copy report. Per Fannie Mae guidelines in Section 203, a lender may accept an appraisal report that is transmitted electronically. The lender is to represent and warrant to Fannie Mae that the appraisal report was created by the appraiser identified on the appraisal report and that the appraisal report is the complete and unaltered report submitted by the identified appraiser.
     
  4. Terrel L. Shields

    Terrel L. Shields Elite Member

    62
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    an apt description of all my mortgage clients. Individually intelligent, they appear to become numbnuts in mass.
     
  5. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Randy,

    I do understand your point I dont agree with it. Its this kind of thinking that perpetuates things like house +5 acres, recertification, client name change, comps within 5 miles, comps within one mile, etc etc etc.

    May I suggest you place this in the report and then provide them the necessary documentation showing them the change in requirements or lack there of.
     
  6. Randy Beigh

    Randy Beigh Senior Member

    0
    Jan 16, 2002
    http://www.stonelawassoc.com/e_signature.html

    On June 30, 2000, President Clinton signed into law the Electronic Signatures in Global and National Commerce Act, thus allowing businesses and consumers to legally bind themselves to contractual obligations electronically without the need for handwritten signatures.

    It wasn't 1996.

    Andrew

    While you may be correct, some things are just not worth fighting over. At least all your examples are USPAP or Fannie issues. This isn't. I would much rather give them what they want and move on. There are so many real issues to fight over and about, including some of which you cite. Why this?

    But, the source is cited above if Mindy's boss does want to fight it.
     
  7. John SRA

    John SRA Junior Member

    0
    Jan 19, 2002
    Mindy.

    USPAP never required, or even suggested, such language in appraisal reports. Therefore, it would be impossible to document its removal (since it never existed).

    Stmt 8, dealing with electronic transmission, was retired/removed from USPAP in 2001. However, it did not address the issue you are talking about.

    Have a good day

    JC
     
  8. Mindy Marcus

    Mindy Marcus New Member

    0
    Sep 29, 2004
    Professional Status:
    Licensed Appraiser
    State:
    California
    I just gave up and gave in.... :p

    Gave them the verbeage... no big deal. Just thought I could provide an answer.... possibly educate... yeah... that's funny.... educate my client. :lol:

    Just too much time involved trying to find the answer. ;) Besides it's silly.

    Thanks for the input. :D
     
  9. Don Clark

    Don Clark Elite Member

    2
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    B) Not hard to find, it is in the DEFINITIONS section of USPAP. However, I just make a statement that the report has been signed by a password protected digital signature under the exclusive control of the appraiser. I also state that signing the report and certification page constitutes signing the entire report.
     
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