by Lenders are looking for title, settlement agents, and a closing attorney. It helps them offer customers a digital solution that will help close deals quickly. Similarly, the homeowners need a service or solution to make the closing experience uninterrupted and fast.
Thus, remote online notarization (RON) is now one of the preferred ways and has also become the quintessential part for title and settlement agencies. Utilizing it, they not only help lenders or homeowners but also make themselves a preferred choice in the market. This will give them an edge over their competitors. Adapting a digital solution would allow them to grow and become efficient in handling more tasks, along with eliminating tedious paper record tasks. Therefore, before offering a remote online notarization, it is important to understand it and then integrate it into the business operational level.
Henceforth, for a detailed insight, here are a few FAQs related to remote online notarization for title companies to take a read.
Most Frequently Asked Questions on Remote Online Notarization
What is the difference between remote online notarization and in-person electronic notarization?
The confusion between RON and IPEN still persists. There is quite a similarity but a distinct difference of being present physically when IPEN is preferred. RON allows the document and identity verification, signature even when a person or notary are in different locations. This key difference helps both notary and the customer to make the decision while choosing from either.
What technology is used for remote online notarization?
In remote online notarization, identity and documents are verified. Therefore, audio-video technology is minimal in terms of technical requirements. In addition to audio-video technology, multi-factor authorization, electronic witnessing, digital signature, and ID verification features make the complete process seamless and secure.
How often do an investor’s requirements for RON change?
There is no usual change in the investor requirements. However, there are specific guidelines of investors and title insurance companies that play an essential role in ensuring that the mortgage is both sellable and insurable after closing. Therefore, it is necessary to choose the technology partner who offers the solution like mortgage while keeping the compliances in mind. Furthermore, the platform should be accepted by both title underwriters and investors as it will make the complete process smooth and acceptable.
Is remote online notarization permanent?
In recent years, the remote online notarization laws have been enacted in more than half of the United States. New York, Florida, and Texas are a few of them, and with increasing demand and business opportunities, it is quite evident that RON will stay and become prominent for years.
In how many states is remote online notarization allowed?
Now, more than half of the US is allowing remote online notarization. Therefore, it is important and also an effort-taking task to find if your state or a particular state accepts remote online notarization and also allows RON platforms to notarize documents. Though to save time, choosing popular platforms such as eNotary On Call would be a wise decision to make for document notarization. There are certain criteria on which platforms have to check mark for utilization.
What is MISMO RON Provider?
To comply with the MISMO standards, the MISMO RON provider is a technology solution. Therefore, it is necessary to work with the MISMO-certified technology company as their products follow and comply with the state-wise RON requirement. Thus, for seamless and quick closings, the RON MISMO-certified platform is the right step to take.
Is remote online notarization secure?
Closing documents using the digital approach should not compromise security. And, the measures that are related to RON make the online approach for closing deals much more secure than in-person. And, there are a few more reasons which make the RON solution more convenient and here are why:
- It eliminates the risk of fraud as the identity verification takes place using audio-video technology.
- All the notarization sessions are recorded and stored for retrieval.
- The mandatory KBA ID verification makes the process more secure.
- The documents notarized are also tamper-sealed, hence the alteration won’t be easy after the signing.
- Lastly, the platform used for RON is government regulation-compliant and is certified, which makes the process secure.
How hard is it to adopt RON technology?
Integrating RON technology in the workflow is easy. And, the training component makes the usability of it seamless. Finding the right partner makes the transition and your position in the market much quicker.
Henceforth, closing deals utilizing RON is now becoming popular. The homeowners find it a convenient option to close the deal in no time, lenders are ready to meet the customer demands and sign documents quickly. And, the title and settlement agents are realizing that operational efficiencies require technology integration.
Try RON platform eNotary On Call to make the complete process quick and easy. And with support team, get a quick walkthrough of the platform.
