As states ease shelter-in-place restrictions, many consumers remain wary of in-person transactions, even with the safety protocols businesses have implemented.
Offering digital signing and closing solutions with Remote On-line Notarization (RON) is the answer to preserve consumer satisfaction and resume revenue growth – now and in the future.
1. Senate Bill 3533
RON is on track to become legal in all 50 states! Senate Bill 3533 – Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020 (the “Secure Act”), was introduced on March 18, 2020. When passed, this bill will authorize every notary in the US to perform remote online notarizations (RONs) using audio-visual communications and tamper-evident technology. This will be a huge win for mortgage lending but…
There’s No Need To Wait! RON is Currently Available in 46 States!
Twenty-Three States Have Already Enacted RON Legislation and Twenty-Three States Have Adopted Emergency Measures to Accept RON
Enacted Remote On-line Notarization acts allow notaries to conduct remote online notarizations in Arizona, Florida, Idaho, Indiana, Iowa, Kentucky, Maryland, Michigan, Minnesota, Montana, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington and Wisconsin.
And short-term emergency measures allow use of RON now in the following states (click on each state to see specific details): Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Hawaii, Illinois, Kansas, Louisiana, Maine, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, Rhode Island, West Virginia, and Wyoming.
So get ahead of the competition now! Lenders with RON processes in place, will be first choice among consumers.
2. GSEs Acceptance of eNotes
Are you concerned about restrictions the GSEs have in place regarding electronic signature usage on certain documents?
Fannie Mae and Freddie Mac have issued new guidance on how RON can be used temporarily in response to the COVID-19 pandemic. See American Land Title Associations recent blog for a full rundown.
And the Federal Home Loan Bank (FHLB) is making progress on standardized eNote procedures for home equity transactions which we expect to be final by June 30, 2020.
Lastly, title underwriters have approved the use of RON on insured transactions in most states.
3. Proven Partner with Extensive RON Experience
Accurate Group is prepared to provide extraordinary RON service to maintain all service levels. In April alone, we have closed over 150 loans using RON and opened over 250 new RON closing orders. We have invested to create capacity and are ready to complete 100 RON orders per day in May and beyond!
We are your trusted RON expert, processing more volume across more states than anyone else.
To learn more about our process – how Accurate Group ensures quality and security of your RON transactions, read our 3-part blog series:
- 3 Steps to Ensuring Excellence in Remote & Mobile Notaries
- Notary Quality Assurance – Why the Pre & Post Close Review is Imperative
- Remote Video Notary Services – Tales of the Borrower Experience
A Truly Digital Borrower Experience
By implementing RON now, you’ll be ahead of the curve – improving efficiency, lowering costs, shortening loan cycle times, and gaining the competitive advantage to accelerate business growth during a time when it’s needed most.
Accurate Group has completed and recorded hundreds of RON transactions and has the experience and technology to efficiently and accurately complete your signings remotely. To learn more and add RON to your borrower options, contact us today to request a demo – and get on the path to faster loan closings and a secure borrower experience.
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