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.
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