June 9, 2021

In This Issue:

  • Fannie Mae Issues Guidance Regarding Remote Ink-signed Notarizations
  • Freddie Mac Issues RIN Guidance With Multi-factor Authentication Requirement
  • Manufactured Housing Finance: New Insights From Home Mortgage Disclosure Act
  • June Is National Homeownership Month

Fannie Mae Issues Guidance Regarding Remote Ink-signed Notarizations

ALTA | June 3, 2021
Fannie Mae updated its Selling Guide announcing specific requirements for remote ink-signed notarizations (RIN) for loans issued on or after July 1.
 
Fannie Mae had issued temporary RIN guidance in response to the COVID-19 pandemic. With the increase in audio-visual aided notarizations, both for remote online and RIN, Fannie Mae wanted to establish broad notarization requirements, including the following:
  • Notarization must be in accordance with and in compliance with laws and regulations of the state.
  • When not required by law (but required by our policies), notarization must be recognized as valid by the law of the state where the property is located or where the notary is registered and acting under notarial authority of that jurisdiction.
  • Notarizations are acceptable when conducted outside of the U.S. if it complies with the laws of the jurisdiction in which it is performed or contains an apostille certification.
Read More » 
Review Fannie Mae's Updated Selling Guide »
 

Freddie Mac Issues RIN Guidance With Multi-factor Authentication Requirement

ALTA | June 8, 2021
Freddie Mac followed Fannie Mae by issuing guidance related to requirements for loans purchased by the government sponsored entity for loans closed using remote ink-signed notarizations (RIN).
 
Most of Freddie Mac’s guidance mirrors what Fannie Mae issued except for a requirement for multi-factor authentication.
 
Freddie Mac’s RIN process for any audio-visual communication technology requires the following minimum standards:
  • At least two-factor identity authentication, including using a government-issued photo ID that has a signature, credential analysis and identity-proofing
  • System security sufficient to: (A) prevent interference with the authenticity, integrity and security of the notarial ceremony or corruption or loss of the recording of the same, and (B) protect the communication technology
  • A secure electronic journal of the notarial act, including evidence of identity of the principal and a backup of the electronic record
  • Recording of the notarial ceremony with storage for greater of (a) the minimum period required by applicable laws of the State in which the notary is licensed, or (b) 10 years
  • The notarial certificate (acknowledgment) on the notarized document includes an indication that communication technology was utilized in the notarization process
Read More »
Review Freddie Mac's New RIN Guidance »
 

Manufactured Housing Finance: New Insights From Home Mortgage Disclosure Act

CFPB | May 27, 2021
Manufactured housing is the largest source of unsubsidized affordable housing in the United States, but financing a manufactured home can be costly, especially for borrowers who do not own the underlying land. Whether the homeowner owns the underlying land plays a key role in whether the manufactured home is titled as personal (chattel) property or real property, a distinction which in turn affects many aspects of the home financing and can have major implications for the homeowner in terms of cost and security of tenure.

This report uses new information collected under the Home Mortgage Disclosure Act to explore the differences between mortgage loans for site-built homes, mortgage loans for manufactured homes (referred to as “MH mortgages”), and chattel loans for manufactured homes.
 
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June Is National Homeownership Month

National Day Calendar | June 2, 2021
National Homeownership Month in June shines a spotlight on supporting the American Dream of homeownership. It’s also a time to recognize the organizations that help individuals and families to achieve their goals.

From the U.S. Department of Housing and Urban Development and Federal Housing Administration to the realtors, financial and housing counselors, and assistance programs, they all play a part in helping first-time homebuyers make their dream come true.
 
In 1995, National Homeownership Week began as a strategy of President William Clinton’s administration to increase homeownership across the nation. In 2002, President George W. Bush expanded the observance to the entire month of June.
 
Read More » 


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