,,iv  #aafth ,,congress  #ast ,session  
,h4 ,,res4 #ejj  ,,in ,,the ,,house ,,of
 ,,representatives  ,july #ag1 #bjai,mr4
 ,duffy submitted the following         
resolution2 which was referred to the   
,committee on ,financial ,services      
,,resolution  ,recognizing the benefits 
of digitization of the mortgage process4
  ,whereas online1 mobile1 and other    
responsible technological advances can  
be leveraged with the use of remote data
 management and alternative sources of  
data to increase availability of safe   
products to underserved1 underbanked1   
and unbanked communities2 ,whereas use  
of electronically signed documents in   
the mortgage process can reduce length  
of closing time1 reduce hours of costly 
labor-intensive processes1 are cost     
effective to store and transmit1 and    
offer greater protection against        
unauthorized tampering1 alteration1 or  
loss2 ,whereas digitization and         
automated valuation models may lower    
costs and expedite closing times for    

consumers2 ,whereas digital signatures  
applied to mortgages have statutory     
basis in the ,electronic ,signatures in 
,global and ,national ,commerce ,act    
7,,esign2 ,public ,law #ajf-bbi71 which 
recognized the legal validity of        
signatures and records executed with an 
electronic stamp2 ,whereas remote online
 notarization and the use of audio and  
visual technology and electronic methods
 can meet demands to facilitate a modern
 closing process for home mortgage      
closings and enhance the consumer       
experience2 ,whereas an e,note is an    
electronic version of the negotiable    
promissory note that is digitally signed
 and electronically transmitted and     
stored2 ,whereas online products provide
 consumers with anonymity to prevent    
discrimination against protected classes
 in the mortgage process2 ,whereas the  
digital mortgage process provides       
consumers with control of and access to 
their own data1 information1 and        
finances2 ,whereas single source        

validation allows lenders to verify a   
consumer's assets and employment to     
streamline a more accurate and secure   
closing process2 ,whereas continued     
enhancements in digital identity        
verification using multi-factor         
authentication to validate the consumer 
protects their identity and data2       
,whereas the digitization of property   
data has helped to streamline and       
automate more accurate valuations2      
,whereas certain markets may continue to
 necessitate physical appraisals for    
different types of construction1 lot    
sizes1 amenities1 age1 and other        
factors2 ,whereas nonuniform ,state     
rules create a barrier and uncertainty  
for investors considering purchasing    
digital mortgages2 ,whereas ,state and  
local governments should focus on       
harmonization1 including adoption of    
model laws that could be uniformly      
adopted by ,states2 and ,whereas the    
,federal ,housing ,administration1      
,fannie ,mae1 ,freddie ,mac1 and the    

,department of ,veterans ,affairs       
already allow for the use of electronic 
signatures on mortgage documents insured
 or guaranteed by their programs1 and   
the ,government ,national ,mortgage     
,association 7,ginnie ,mae7 is in the   
process of permitting the use of e,notes
 for loans included in securities it    
guarantees3 ,now1 therefore1 be it      
,that the ,house of ,representatives--  
7#a7 supports the adoption by ,states of
 consistent standards for the           
digitization of the mortgage process2   
and  7#b7 urges the ,secretary of       
,housing and ,urban ,development to     
continue to support ,ginnie ,mae's      
effort to accept e,notes and            
electronically signed mortgage          
documents4