Update on the SECURE Act

HousingWire has been keeping a close eye on the progress of various housing bills making their way through Congress.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Good afternoon — With an expected vote on the infrastructure bill this week, HousingWire has been keeping a close eye on the progress of various housing bills making their way through Congress.   One bill is the SECURE Notarization Act, which would permit "immediate nationwide use" of RON, or remote online notarization, by every notary in the U.S., overriding state laws (like those in California) that prohibit its use. The legislation would also require tamper-evident technology in eNotarizations and multi-factor authentication, which is intended to prevent fraud.    I asked Bill Burding, the immediate past president of the American Land Title Association, or ALTA, who has been advocating for its passage, about where the bill stands. The good news is that the bill has passed the House and it has attached onto another bipartisan bill in the Senate.   "We are hopeful that it will pass the Senate soon, but in this environment, you don't ever know for sure… until it passes, we have to remain vigilant," Burden said.    In the meantime, I am at the MBA Annual conference. There are a slew of tech providers who say they are working on streamlining everything about the closing process — through online notarizations and a lot more. Look for an update on the new offerings in this newsletter next week!   Stay vigilant —   Sarah Wheeler HousingWire Editor in Chief Closing costs are up, but there's a catch   While closing costs for a single-family home increased 12.3% during the first six months of 2021, the mortgage industry actually did a good job of controlling costs. There's no sign of the typical fall slowdown in home buying    One-third of homes that went under contract had an accepted offer within one week of hitting the market, a new report from Redfin found. How technology can fuel the home buying process with certainty   The industry needs a fully integrated and streamlined process that can satisfy consumers and insert confidence into the transaction process. Learn about the possibilities of embedded workflow applications that can do just that. Presented by Flueid Millennials struggle to compete with boomers for homes   Young people make up a smaller share of recent homebuyers than in previous years, most likely due to the increased market activity of baby boomers, a new Zillow housing market study found. Fannie Mae: Mortgage rates and home prices will rise in '22   Economists at Fannie Mae expect higher mortgage rates and home prices next year due to higher inflation, a tightening of monetary policy, and low home inventory. Fully Trust Your Title Decision Engine? A title decision based on underwriter-approved logic, industry data, public records and best practices. Not a 'black box' algorithm. Flueid fuels your title and closing process for cleaner commitments and a faster experience. Learn how! Sponsor Content HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480 Unsubscribe Manage preferences

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