As the COVID-19 situation varies from state to state and is ever-evolving nationally, some steps are being taken to expedite real estate closings and the mortgage process.
RON (Remote Online Notary)
Numerous title insurance underwriters are issuing new, temporary guidelines for the use of Remote Online Notaries with the goal of facilitating as many real estate and mortgage transactions as possible. This includes the addition of new states where no legislation covers the use of Remote Online Notaries.
The American Land Title Association (ALTA) is pursuing legislative action to allow Remote Online Notary to be utilized nationally.
County Closures and Gap Coverage are also being evaluated as the closure of county offices has resulted in an inability to transfer records.
“These new policies and the potential national legislation proposed by the title industry related to expanded acceptance of transactions closed utilizing RON could help keep the real estate and mortgage markets moving.”