Notarization enables many industries and sectors to improve workflows with remote online notarization (RON). Famous use cases include:
Businesses can leverage RON for employment-related paperwork, business agreements, government forms, and license applications. This helps them save time and money by avoiding in-person meetings. It also helps reduce the need for travel and facilitates access from across geographic regions.
Convenience
Online notarization is a game-changing innovation that makes it easier and faster to complete crucial documents. It’s more convenient for borrowers, lenders, and real estate professionals and reduces logistical complexities. In addition, it enhances security and ensures compliance with legal standards.
RON eliminates the need for travel, saving time and costs for borrowers and notaries alike. It also provides greater flexibility by allowing notaries to assist clients from various locations. Moreover, RON platforms provide enhanced security features such as knowledge-based authentication and credential analysis to safeguard against fraud.
Efficiency
Traditionally, real estate and financial transactions required people to visit a notary to verify their identity and signature. With remote online notarization (RON), customers can connect with a notary via video-audio technology without traveling or disrupting their day-to-day schedules.
The streamlined nature of RON eliminates the need for in-person meetings, increasing accessibility for a broader range of individuals and businesses. The technology also speeds up transactions, reduces administrative burdens, and facilitates compliance.
Security
Remote online notarization is a valuable tool for financial institutions that want to offer a seamless, convenient, and secure customer experience. RON helps reduce logistical complexities by eliminating clients needing to visit notaries in person for documents that need to be verified.
Lenders have found a new level of efficiency with RON, allowing them to offer a convenient mortgage process for their customers. This has helped lenders increase their closing rates while reducing loan turn times.
Wealth management firms must deliver a unique customer experience to compete with their competitors in an industry primarily focused on personal relationships. RON allows them to do just that by providing an innovative digital solution that enables high-net-worth individuals to sign and notarize their most important paperwork remotely. This includes power of attorney, affidavits, and deeds. Moreover, it saves time and costs by removing the need for travel. RON also has an automated identity credential analysis feature that reduces human error and ambiguity.
Environmental Impact
Aside from being a more accessible option for borrowers, remote online notarization is environmentally friendly. Traditional in-person notarizations require an agent to physically travel and meet with a signer, causing carbon emissions and wasteful transportation costs.
A single loss of a notary journal imperils the records of hundreds, perhaps thousands, of transactions. By using remote online notarization platforms, businesses can access a full record of every transaction they conduct and a complete digital audit trail.
Due to the COVID-19 pandemic, states have embraced remote online notarization (RON) to modernize and expedite processes like loan closings. RON allows real estate documents to be signed and notarized remotely by connecting a notary public with an individual via audio-visual technology. It also makes it easier for title and settlement agents to manage eCloses, as the process is less dependent on in-person meetings and more flexible to accommodate clients’ schedules. For lenders, eCloses also lead to more significant ROI because they can be completed faster and with fewer errors than traditional paper-based processes.