Online Closings are here!
Online Closings are here! Learn about digital closings and how to get your practice ready. Real estate closings will change over the next 2-3 years and move in the direction of less paper and more technology. Lenders are recognizing the efficiency and cost savings associated with processing loans digitally. Consumers are getting much more comfortable conducting business digitally. Our state has joined the movement by authorizing Remote Online Notarization (RON) effective Jan. 1, 2020. Creating a better closing experience while reducing risks for all parties. But this transformation must be carefully managed to avoid a negative impact on land ownership records and the mortgage finance engine driving our nation’s economy and personal wealth. Title companies are developing innovative and secure ways to improve the closing experience for our customers.
What is RON?
It is an acronym for remote online notarization. RON is the means used to electronically notarize a document using a third-party (i.e. vendor) software platform which records the visual and audio communications of participants to the signing of a document even when the participants are not physically located in the same place. The practice was authorized in Florida on Jan. 1, 2020.
How does RON differ from “electronic notarization”?
May the signatures of foreign nationals be notarized remotely or is it only available to U.S. citizens?
Do I need to obtain lender approval if the borrower wishes to sign the loan documents remotely via RON?
Ready to make a Move?
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