The residential mortgage industry as a whole has seen tremendous growth in 2020 for adoption of electronic loan closings and eNotes. MERSCORP Holdings (“MERS”) reported over 45,000 eNotes registered in the month of August, compared to only 12,360 in August 2019.

IPEN - In-Person Electronic Notarization.  Use of an electronic notary signature and seal with identification of the signer occurring in person as in a traditional notary; requires the physical presence of the signer with the notary officer.

The California legislature recently enacted a new consumer protection law, called the Consumer Financial Protection Law (“CFPL”). The law was enacted under Assembly Bill 1864, which was passed August 31st. Governor Gavin Newsom signed the new law on September 25th.

In spite of the pandemic, 2020 isn't the year of RON-2021 is. But here are the concrete actions lenders need to take to be prepared for when RON reaches its tipping point next year.

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DocMagic is adding new generic SOFR Construction-to-Perm and New York CEMA loan programs which will use the 30-day Average SOFR index:

DocMagic is adding new generic SOFR New York CEMA loan programs which will use the 30-day Average SOFR index:

The State of Maryland recently enacted a new notary law that allows remote online notarizations (“RONs”) under Senate Bill 678.  The new law replaces the existing temporary authority allowed under the governor’s Emergency Order 20-03-30-04 allowing remote notarizations during the COVID pandemic.  The new law and its requirements are effective as of October 1, 2020.

Converted to letter size. (Date of Release to Production: 09/23/20)

Updated Sacramento Department of Business Oversight address. (Date of Release to Production: 09/22/20)

DocMagic is adding new generic SOFR interest only loan programs which will use the 30-day Average SOFR index: