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Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

Inside Look: RealTrends 2021 Brokerage Compensation Study

Steve Murray, senior advisor to RealTrends, gives an exclusive first look at the 2021 RealTrends Brokerage Compensation Report.

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As compliance becomes an increased focal point for mortgage lenders and investors, staying ahead of state and federal regulations can be the difference between a flourishing business and one mired in fines.

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Iowa signs law to enable eClosings for mortgages

State to now allow eNotary

Iowa became the latest state to enable fully digital closings for mortgage transactions Monday with the passage of its new eNotary law.

Monday, Iowa Governor Kim Reynolds signed SF 475, an act providing for notarial acts, including by providing for the use of electronic media, providing penalties, and including effective date provisions.

The first photo above shows Reynolds signing the bill. In her lap she holds LenderClose Chief Operating Officer Benjamin Rempe’s daughter, who he promised could attend the signing if the bill was passed.

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Iowa signing

“My daughters held me accountable to getting this done because I promised them they could attend the bill signing,” Remp [pictured far right in second photo] said. “What an amazing moment to share with them.”

While e-mortgages are making strides in the housing industry, eClosings are still rare, mostly due to state restrictions surrounding eNotaries. However, that is slowly beginning to change.

As electronic notarization provider Notarize noted recently, Iowa becomes the 10th state to pass a remote online notarization bill this year, bringing the nationwide total of states that allow its notaries to perform notarizations nationwide to 18. 

Now, Iowa has joined the growing list of states that now allow for remote notarization.

“We moved Iowa forward today,” LenderClose Founder and CEO Omar Jordan [pictured far left in second photo] said. “Not just LenderClose.”

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