April 15, 2020

In This Issue:

  • TLTA Proposes Emergency Executive Action on Remote Ink-Signed Notarizations (RIN) in Texas – Pending Governor's Response
  • Fannie, Freddie Provide Temporary Guidance for Lenders on Use of RON, POA and Remote Ink-Signed Notarizations (RIN)
  • IRS Extends Deadline for 1031 Exchanges, Including Opportunity Zone Investments
  • Special Featured Hot Topic Webinar Tomorrow: Return of the RON
  • ALTA Names SVP of Public Affairs
  • Texas Realtors: FAQs and Resources Related to COVID-19

TLTA Proposes Emergency Executive Action on Remote Ink-Signed Notarizations (RIN) in Texas – Pending Governor's Response

TLTA | April 13, 2020
EDITOR'S NOTE: We await word from Gov. Abbott on the proposal referenced below. We will alert you immediately if the governor acts on our request.
 
In response to feedback from our members regarding limited implementation of remote online notarizations (RON) in the marketplace, late last week TLTA proposed to Gov. Abbott a temporary solution designed to support real estate closings under COVID-19 public health protocols.
 
TLTA's board of directors held three lengthy meetings last week working on this proposal to assure: 1) everything was carefully considered; and 2) our proposal ensures a safe notarization process. The temporary process we propose involves the use of Remote Ink-Signed Notarizations (RIN) via video. The use of electronic signatures under current law would not be impacted by the temporary measure we are proposing. The State of Texas has strong RON statutes on the books that should not be replaced, and RON closings should continue to be used whenever possible – as our proposal to the governor clearly states.
 
The proposal we submitted is a temporary, crisis-driven solution to safely keep real estate transactions moving. If Gov. Abbott acts on our request for temporary relief, we will alert you immediately.
 
Read TLTA's Proposed Emergency Executive Action Content »
Read Letter TLTA Sent Gov. Abbott Along With Our Proposal »
 

Fannie, Freddie Provide Temporary Guidance for Lenders on Use of RON, POA and Remote Ink-Signed Notarizations (RIN)

TLTA | April 7, 2020
In response to the COVID-19 national emergency, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas to support mortgage originations, appraisals and quality control (QC). 
 
Of particular note is Fannie Mae's direction regarding the use of RIN by lenders, which closely tracks the requirements in the RIN proposal TLTA submitted to the Governor.
 
Additionally, Freddie Mac recently added an FAQ that addresses permissibility of Remote Ink-Signed Notarizations (RIN), as being proposed by TLTA (see Freddie Mac's Q6 here).
 
We recommend you review both sets of FAQs from Freddie and Fannie containing COVID-19 guidance for lenders. 
 

IRS Extends Deadline for 1031 Exchanges, Including Opportunity Zone Investments

National Law Review | April 11, 2020
On April 9, 2020, the IRS issued Notice 2020-13 in which the IRS extended a number of deadlines for tax return filings and a select number of deadlines imposed under the Internal Revenue Code.
 
Notice 2020-13 addressed deadlines for investment of qualified capital gains in qualified opportunity funds. Generally a taxpayer that has capital gains from the sale of any property has 180 days from the date of the sale to invest the gains in an opportunity fund. Gains recognized through a pass-through entity also can be invested within 180 days from the last day of the pass-through entity’s tax year, or within 180 days from the due date (not including extension) of the entity’s tax return for the year of the gain. Notice 2020-13 extends the deadline to July 15, 2020 for any 180-day period that ends between April 1, 2020 and July 15, 2020. 
 
Read More »
 

Special Featured Hot Topic Webinar Tomorrow: Return of the RON

TLTA | April 15, 2020
Presented live tomorrow, Thursday, April 16, Return of the Ron is an in-depth discussion of Remote Online Notary situations and E-Closing scenarios. This course takes a deep dive into the requirements of the Remote Online Notary session, practice and pitfalls of this new technology.
 


Specific items will focus on the basic technical requirements of a Remote Online Notary signing, "plug and play" platforms for new RONs and resistance to RON acceptability. In addition, we will discuss sample scripts and talking points to discuss with county clerks as well as lenders and parties in a transaction.

Register Now »
 

ALTA Names SVP of Public Affairs

ALTA | April 14, 2020
Chris Morton will lead ALTA's policy development, political engagement, lobbying and communications strategy, and be a member of ALTA's executive team. He will work closely with senior leaders across the association and industry who engage in coalitions and campaigns to promote and enhance the title industry's role in protecting consumers in the efficient and secure transfer of real estate.
 

Texas Realtors: FAQs and Resources Related to COVID-19

Texas Realtors | April 14, 2020
Texas REALTORS have created legal FAQs and new forms to help members respond to COVID-19's effects on the industry.
 
Read More »

In addition to the live webinars listed below, you have access to our library of more than 80 On-Demand webinars and videos covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!