In what is being billed as an industry first, Mountain America Credit Union closed its first electronically-signed FHA mortgages Monday under the Federal Housing Administration's new e-sign policy.

Two loans, one refinancing and one purchase mortgage, were closed at a Stewart Title office in Midvale, Utah, using a combination of technologies provided by Stewart and DocMagic. The borrowers had received and e-signed all the closing package documents last week, except for the promissory note, as the FHA will not begin accepting e-signed notes until Dec. 31.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry