GSEs Issue New Guidance on RON, Powers of Attorney

In response to the COVID-19 pandemic, Fannie Mae and Freddie Mac modified their single-family seller guides including temporary requirements for remote online notarizations (RON) and powers of attorney.

Remote Online Notarization

The new RON requirements for both the government-sponsored entities go into effect immediately. The requirements between Fannie and Freddie have slight differences, but both require the system used for the remote notarization must meet the minimum standards.

Powers of Attorney

Due to COVID-19, the temporary requirements allow the use of POA to execute loan and closing documents for loans with application dates on or before May 17, 2020.

To learn more:

• Read In-Depth Analysis From ALTA
• Review Fannie Mae’s Guidance
• Review Freddie Mac’s Guidance