COVID-19 Essential Services Bulletin

There has been a lot of confusion and concern as additional counties and states react to the COVID-19 outbreak. The orders to cease all non-essential business leaves many questioning how our business is classified and whether we can continue to operate.

The consistent message that we have seen and expect to see in all future orders is the use of the US Department of Homeland Security’s National Cybersecurity and Infrastructure Agency (“CISA”) to define “Essential Critical Infrastructure” for the purposes of defining essential business. That guide can be found here. According to CISA’s guidance, Financial Services including activities involving the extension of credit and related services are Essential Critical Infrastructure. Boston National is a Financial Services company that provides necessary support to the banking and lending sectors. Specifically, we are a key partner in keeping the flow of money moving in the mortgage industry.

It remains our position that settlement services including the search and underwriting of title, the execution and attestation of documents and disbursement of funds as part of the mortgage banking supply chain constitutes essential services that should continue to operate in accordance with CISA’s classification. Our notary signing agent partners are a key component of this process without which the wheels of commerce will halt, further exacerbating the economic nature of this crisis.

We stand behind our signing agents in the assessment that they are part of the critical supply chain and infrastructure of mortgage banking and that the performance of notarial acts in support of loan origination is consistent with the definition of essential services.

We will continue to monitor developments and work with our lending industry partners, our title insurance and escrow agents and our notary signing agents in the days ahead to ensure that transactions can proceed in a compliant and safe manner.