Fannie Mae and Freddie Mac Guidance On Remote Online Notarization Inapplicable to Documents Notarized under Connecticut Executive Order 7Q
In a conversation with Fannie Mae on April 3, 2020
, CATIC learned that the minimum standards set forth for remote notarizations in the recently released bulletins by
Fannie Mae
and
Freddie Mac
(the GSEs) do not apply to documents executed under
Connecticut Executive Order 7Q
.
Fannie Mae clarified that the term “remote notarization” as used in its March 31, 2020, bulletin was intended to apply only to notarizations conducted remotely through the use of communication technology to produce electronic documents that are signed and notarized electronically. The bulletin did not intend to set standards for notarization processes that are conducted using hard paper documents that are signed in wet ink and transmitted between the signer and the attorney/notary. CATIC understands that Freddie Mac intended that its bulletin be interpreted in a similar manner.
Thus, agents are not required to meet the minimum standards for remote notarizations defined in the GSE bulletins for documents executed under Executive Order 7Q.
CATIC continues to require that all real estate conveyance documents be signed in wet ink by both the buyer/borrower and the notary. CATIC also reminds agents that the Note must be signed in wet ink, unless an eNote is produced.
Should you have any further questions about these revised GSE requirements for documents executed pursuant to Executive Order 7Q, please contact
Rich Hogan
, CATIC’s Chief Compliance Officer.
