NAHREP urges the passage of the SECURE Notarization Act of 2020

In order for real estate professionals to continue to do business from the safety of their homes, it is imperative that current regulations preventing remote home sales and mortgage transactions be lifted. NAHREP urges law makers to remove all red tape involving remote home sale transactions. The Remote Online Notarizations (RONs) will allow a notary and signer to safely and securely execute electronic documents using a two-way audiovisual communication. As of now, 23 states have approved the use of RON technology. However, borrowers in more than half the country remain unable to close on a real estate transaction without an in-person signing.

Facebook
Twitter
LinkedIn
Instagram

March 23, 2020


The Honorable Mitch McConnell
Republican Leader
U.S. Senate
317 Russell Senate Office Building
Washington, D.C. 20510

The Honorable Charles Schumer
Democratic Leader
U.S. Senate
322 Hart Senate Office Building
Washington, D.C. 20510

The Honorable Nancy Pelosi
Speaker of the House
U.S. House of Representatives
1236 Longworth House Office Building
Washington, D.C. 20515

The Honorable Kevin McCarthy
Republican Leader
U.S. House of Representatives
2468 Rayburn House Office Building
Washington, D.C. 20515



Dear Leadership of the U.S. Senate and House of Representatives,

On behalf of the National Association of Hispanic Real Estate Professionals® (NAHREP®) we urge you to include S. 3533, the Securing and Enabling Commerce Using Remote Electronic Notarization Act of 2020 (SECURE Notarization Act) in the third Coronavirus relief bill. In order for real estate professionals to continue to do business from the safety of their homes, it is imperative that current regulations preventing remote home sales and mortgage transactions be lifted.

NAHREP is the largest Latino business organization in the country with over 40,000 members and over 100 chapters across the country. Our organization is comprised of real estate brokers, mortgage loan originators, title agents, closing attorneys, appraisers, homebuilders and other professionals within the housing industry. The passion behind our growing membership is to advance the economic mobility of Latinos through sustainable Hispanic homeownership.

Our members are resilient, hardworking, and innovative. Members across the country are lifting each other up and being of service to others, as they tackle current and potential market challenges.

However, all red tape involving remote home sale transactions must be lifted in order for real estate professionals and small business owners to continue contributing to the restoration of our deteriorating economy. The housing market has a domino effect on the livelihood of the American economy and should be prioritized in any stimulus package. According to the National Association of Home Builders, housing comprises 16.3 percent of our nation’s GDP, and Hispanics contribute up 11.1 percent of that share. A critical element of stabilizing the economy during this pandemic is to enable commerce to continue without requiring face-to-face interaction. As working families across the nation lose their jobs due to COVID-19, families will look to quickly sell their homes in order to make ends meet. Liquidating their assets will be a lifeline as they weather this storm. Additionally, real estate professionals depend on these transactions in order to sustain their families while the country shelters in place in order to prevent the spread of COVID-19. As independent contractors, the livelihoods of real estate professionals in the US depend exclusively on their ability to earn a living by helping home buyers, home sellers, landlords and tenants secure a roof over their family's heads in these turbulent times.

The Remote Online Notarizations (RONs) will allow a notary and signer to safely and securely execute electronic documents using a two-way audiovisual communication. As of now, 23 states have approved the use of RON technology. Furthermore, there are a number of states that are debating RON legislation, while borrowers in more than half the country remain unable to close on a real estate transaction without an in-person signing.

Including this language in the third Coronavirus relief bill will ensure that the entire real estate market does not come to a standstill during this crisis. In addition, legislation will help small business owners keep employees on their payrolls, and will provide much needed liquidity for struggling families during this period.

We know this is a challenging moment for our nation. Working together to protect and shore up our greatest assets – our people – we can come out of this crisis stronger. In that vein, we thank you for your consideration. For any questions regarding this letter, please feel free to contact Noerena Limon, SVP of Public Policy and Industry Relations at nlimon@nahrep.org.

Sincerely,

Sara Rodriguez
2020 President
NAHREP

Gary Acosta
Co-founder & CEO
NAHREP