The pandemic has forced a lot of change in a short amount of time in the mortgage industry. DocMagic's Director of Enterprise Solutions, Chris Lewis, shares his insight about eClosings in the age of COVID-19. (Note: This interview previously appeared in the August edition of The MORTGAGE BANKER magazine.)
Lenders who are interested in a remote online notarization (RON) closing often have questions about how the identity validation works. Here are some of the most common questions and answers about it.
The remote online notarization (RON) landscape is still very much in flux. Three states recently passed RON laws and a new survey shows RON usage surged during the pandemic—but a powerful official from one of the country’s biggest states also announced his opposition to any federal law.
Even as demand for remote online notarization (RON) grows, underwriters and settlement agents are hesitant to fully embrace it. They have some good reasons why.
When the coronavirus pandemic hit, several states issued emergency orders to allow remote notarizations, joining 23 that already had permanent laws allowing remote online notarization (RON). A number of the stopgap measures, however, didn’t actually allow RON; instead they authorized a decidedly lower-tech alternative called remote ink-signed notarization (RIN).
For the mortgage industry, a lot has changed in a short amount of time—especially when it comes to remote online notarization (RON), according to the speakers at DocMagic’s May 27 webinar, “Road-Tested eClosing Strategies for Today.”
DocMagic has improved the process for for settlement agents to link up with notary providers to complete an eNotarization—especially a remote online notarization (RON) that allows signers and notaries to meet in virtually. The change is crucial in the current COVID-19 climate.
(Note: DocMagic ran this update on 6/26/2020:
With most people currently unable or unwilling to leave their homes, the ability to conduct remote online notarizations (RON) has become more necessary than ever—and state and federal officials are taking note.
Since the start of the COVID-19 outbreak, at least 27 states have taken steps to enable remote online notarizations, bringing the total number of states that presently authorize some form of RON—either through existing law or emergency action—to 42.