MBA Statement on the House Passage of the RON Bill
Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement on the passage H.R. 3962, the SECURE Notarization Act, by the U.S. House of Representatives:
“MBA is grateful the House has passed this legislation that creates federal minimum standards to allow notaries in all states to perform safe and effective remote online notarization (RON) transactions, making the mortgage closing process more convenient for all consumers – including our nation’s military families.
“Importantly, the bill’s minimum standards for RON are consistent with both the MBA-ALTA model state RON bill and the Mortgage Industry Standards Maintenance Organization (MISMO) RON standards and would complement existing state laws by providing states with the flexibility and freedom to implement their own RON standards.
“We thank Representatives Madeleine Dean and Kelly Armstrong for introducing this bipartisan legislation last year, House Energy and Commerce Chairman Frank Pallone and Ranking Member Cathy McMorris Rodgers for quickly moving the bill through committee this month, and House leaders for promptly bringing the bill to the floor for debate and a vote this week.
“MBA now urges the Senate to consider and pass S. 1625, the House bill’s companion measure, as expeditiously as possible.”