Freddie Mac has issued new guidance regarding RIN and RON transactions, plus FinCEN released a new GTO. Read on to learn more.
Freddie Mac
- Freddie Mac has issued new Remote Ink-signed Notarization (RIN) guidance that mandates the use of multifactor authentication. The new guidelines, which became effective on June 2, 2021, state that "The RIN process and any audio-visual communication utilized" must utilize "at least two-factor identity authentication, including using a government-issued photo ID that has a signature, credential analysis and identity-proofing."
- Freddie Mac has also updated its list of RON-eligible states after West Virginia passed legislation permitting RON effective June 17.
FinCEN
- The Financial Crimes Enforcement Network (FinCEN) has reissued Geographic Targeting Orders (GTOs) for 12 metropolitan areas. These GTOs, which went into effect on May 5 and continue until October 31, 2021, require U.S. title companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. A major change that comes with this GTO is a new, unique identifier. The new identifier is reflected on Field 45 of each Currency Transaction Report filed for transactions closing on or after May 5th. According to FinCEN's announcement, "the GTOs cover certain counties within the following major U.S. metropolitan areas: Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Francisco, and Seattle."
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