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Three Ways a Digital Notary Service Can Close Loans

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A traditional notarization entails the physical presence of the signer(s) and the notary and paper documents with “wet” signatures and an ink impression of the notary’s seal or stamp. A lot has changed. Remote Online Notarization (RON) is big news in the title industry, and rightly so. But it’s just one way that a digital notary service like BNNServices can close loans.

There’s a lot of confusion in the industry right now, and this blog will bring some much-needed clarity.

Digitizing the Notarial Act

The notarial act can be performed in three different ways: RON, Hybrid and IPEN. Each involves different technology and has different requirements. Wherever your organization and your clients are at, BNNServices has you covered.

We are integrated with RON platforms and can help your clients close transactions online. Contact us and we can work together to determine which of the three solutions below is best for you.

Remote Online Notarization

RON — sometimes called a webcam notarization, online notarization or virtual notarization —

is the use of audio/visual technology to complete a notarial act when the principal is not in the same physical location as the notary public. The documents are electronic. The signer and notary sign digitally, and the notary affixes a digital seal.

RON can be incredibly valuable for your title business, allowing you to:

  • Reduce costs and close more transactions in isolated, rural areas
  • Close a transaction when the buyer or seller is out of the country
  • Hire one notary when there are two buyers and they’re in different states

RON is the future, but it’s not the present. Many consumers just aren’t prepared, technologically or emotionally, to have their sensitive documents notarized remotely.

Hybrid Signings

Hybrid signings, also called eClosings, require the physical presence of the notary and signer and entail a combination of wet and digital signatures. Consumers can sign nearly all loan documents digitally while several must be hand-signed in the presence of the notary.

Hybrid signings offer many of the same advantages as a RON — cost savings, better security, authenticity, and document integrity — but require far less technology.

IPEN Signings

An IPEN (In-Person Electronic Notarization), sometimes called an eNotarization, means the consumer signs all loan documents in the presence of the notary on a mobile tablet or laptop. An IPEN signing is similar to a hybrid closing, but there are no wet signatures. IPEN signings are less susceptible to delays and mistakes because the closing package cannot be submitted unless all the signatures are completed.

A Better Way to Close with BNNServices

Since 2008, BNNServices has been trusted by title agencies, mortgage lenders, servicers and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNNServices “touches” each and every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNNServices difference? Get started today!

Online Notarization Service, Remote online notarizations

Remote Online Notarization is Easier Than You Think

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BNN Services is leading the charge in Remote Online Notarization (RON), a process by which documents can be signed and notarized by a commissioned notary public/signing agent remotely in real-time via a video connection.

RON is a big deal. Consumers can complete real estate closings online in as little as 30 minutes, saving thousands of dollars in travel if buying out of state and shaving days off the transaction previously slowed down by snail-mail shipping times. And it’s also more secure.

Is RON Secure?

Before we go into what RON is and if it’s available in your state, first we’d like to cover the elephant in the room: Are online notarizations safe?

The short answer is yes, but as with everything new, online notarizations just make people nervous. A good analogy is Uber and Airbnb. Many people’s first reaction to both these disruptive platforms was, “Weird, I don’t want to get in a stranger’s car/stay in a stranger’s house.” But in reality, thanks to the technology backing both platforms, they’re actually more secure than a cab ride or a stay in a hotel. Everything is documented.

The same is true of RONs. They’re actually more secure than traditional notarizations; identity verification is done with a combination of ID capture and knowledge-based authentication, and the entire authentication process is recorded and saved in the notary’s electronic journal along with the notarized documents.

What can BNNServices do for your title company?

BNNServices is integrated with RON platforms, meaning that it’s easier than ever for you to begin having your clients close transactions online.

  • You can significantly cut costs and close more transactions in isolated, rural areas
  • You can close a transaction when the buyer or seller is out of the country, as we recently did when a buyer was relaxing on a beach in Colombia.
  • You can use RON rather than hiring two notaries when there are two buyers but they’re in different states.

And this doesn’t even scratch the surface. Set up a time to discuss the opportunities you can seize with RON and the challenges it can help you overcome.

The Nuts and Bolts of a RON Transaction

  1. The business, typically a lender, uploads the documents that need to be signed and notarized to a RON platform, which sends a notice to the signer. This is the typical scenario, but BNNServices has solutions to assist when the lender does not have access to a RON platform.
  2. The signer logs into the website or platform and begins the authentication process.
  3. The notary receives an alert that the signer has accessed the website and joins the signer to complete the authentication process via webcam in a recorded session.
  4. The signer completes any required signatures and the notary performs an electronic notarization of the documents.
  5. Copies of the executed documents are sent to the lender and the signer.
  6. The audio-visual recording of the authentication process is saved in the notary’s electronic journal along with the notarized documents.

Can You Start Notarizing and Closing Online?

Anyone in any state — anywhere in the world actually — can have documents notarized online so long as an underwriter will insure the transaction and the county clerk will accept eRecorded documents. The consumer will need a Social Security Number, a recent address, and device with video conferencing capabilities, i.e. a webcam.

What matters most is the location of the transaction. So although Georgia has not passed a RON Law, someone living in Georgia could purchase a home in Virginia and sign documents via a Remote Online Notarization by using a signing service like BNNServices.

Conversely, if someone in Virginia purchased a home in Georgia, they could not sign documents and have them notarized online because Georgia does not have a RON Law on the books.

States where Remote Online Notarization is Available

  • Minnesota
  • Missouri
  • Nevada
  • North Dakota
  • Ohio
  • South Dakota
  • Tennessee
  • Texas
  • Virginia

RON Laws in Effect, Rules Not Finalized

  • Idaho
  • Michigan
  • Vermont

RON Laws Scheduled to Take Effect in 2020
Effective January 2020

  • Florida
  • Idaho
  • Kentucky
  • Oklahoma

Effective July 1, 2020

  • Arizona
  • Iowa
  • Nevada

Effective October 1, 2020

  • Maryland
  • Washington

A Better Way to Close with BNNServices

Since 2008, BNNServices has been trusted by title agencies, mortgage lenders, servicers and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNNServices “touches” each and every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNNServices difference? Get started today!

loan signing agent, Mobile Notary

Notary or Signing Agent: Why it Matters for Your Real Estate Closing

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A notary public is an individual appointed by a state government to serve as an impartial witness when important documents must be signed. They verify that people are who they say they are and ensure the integrity and authenticity of the signing.

A notary signing agent, sometimes called a signing agent, is different. A signing agent’s job is to obtain necessary signatures and verify identity, but also to walk the signer through the loan signing process. A typical loan package contains between 100 and 150 pages.

Without the trained eye of a signing agent, errors at closing would be commonplace and real estate transactions would fall apart with regularity. Signing agents specialize in real estate loan document and transfer signings. It’s their area of expertise.

We Choose the Best Agent for Your Transaction, Not Who’s Available

When you close with BNNServices, your transaction is always placed with the best signing agent for the job — not just whoever is available.

The process at BNNServices is to assess the order, the client, and the product being transacted to ensure to ensure it’s being handled by a professional with relevant experience and that there won’t be any knowledge gaps, language barriers, or missing credentials. Once the order is accepted, we “touch” each and every file 8 or 9 times to ensure the signing moves forward free of delays.

Our signing agents are trained to carefully review instructions several times to make sure they understand what’s required, and then promptly ask for clarification if necessary, avoiding the most common signing agent errors that cause delays in real estate transactions.

Switch to BNNServices for Your Next Transaction

Since 2008, BNNServices has been trusted by title agencies, mortgage lenders, servicers and consumers to perform loan and document signings in multiple languages across the country. We have completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

As leaders in Remote Online Notarization and Hybrid Closings, we can make things easier than ever for your clients.

Ready to experience the BNNServices difference? Get started today!

loan signing agent

Common Signing Agent Errors, and How We Avoid Them

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These days, finding a signing agent to close your client’s loan is easier than ever before. New technology has placed a premium on speed and convenience. You can get a signing agent in just minutes. But is your transaction in good hands? In this blog, we would like to highlight some common signing agent errors and show how Bilingual Notary Network avoids them.

Not Reading Instructions

Loan signing orders come in all shapes and sizes. It’s rare that no instructions are included, but sometimes there are more than one set of instructions, which can be confusing.

Our signing agents are trained to carefully review instructions several times to make sure they understand what’s required, and then promptly ask for clarification if necessary.

The process at BNNServices is to assess the order, the client, and the product being transacted in order to find the right agent for the job to ensure it’s being handled by a trained professional with relevant experience.

Missing Documents

Missing documents are the scourge of real estate closings. We carefully review all printed documents to ensure that each file is complete prior to closing.

Missing Signatures or Initials

In a loan closing package that can total up to 300 pages, there are numerous areas that require signatures and/or initials and numerous opportunities for omission. Again, this goes back to selecting the right person for the job. Our signing agents have familiarity with the products they are transacting.

Incorrect Signatures or Initials

Loan closing packages contain documents from multiple entities, some from lenders and others from title companies. Required signatures and or initials vary depending on the document in question. Our signing agents are trained to note signature/initial variations and communicate them to the signers and are trained to contact the hiring party whenever in doubt. We make sure that all documents are signed and initialed correctly.

Incorrectly Completed Notarial Certificate

Correctly completing the notarial certificate is a basic notary responsibility, but some notaries begin accepting assignments before they have it mastered. Our notaries follow the applicable Notary Public laws in the 50 jurisdictions where we provide loan and document signings.

Illegible Notary Stamp/Seal

In most jurisdictions, the notarial seal in its entirety must be legible. We make sure our signing agents follow required procedures for affixing the notarial seal and property stamp documents being notarized.

Overbooking

It’s tempting to squeeze in extra appointments, but many things can happen that throw a schedule out of whack. We ensure that our signing agents have the appropriate amount of time in their schedules to conduct the signing while answering questions and providing a great experience for the signer. We always allow time for the unexpected.

Lack of Communication

Our job as the signing agent is to keep lines of communication open during the closing between the borrower and the title company and the borrower and the lender. We are responsive throughout the lifetime of the closing, touching each file between eight and nine times to ensure every step of the closing has been completed.

Providing Opinions or Advice

Signers frequently ask signing agents their opinion about the interest rate, if the rate is normal, and if they would sign the document. An inexperienced signing agent is likely to answer these questions and unwittingly commit an unauthorized practice of law.

Our signing agents know their role is to facilitate communication, to ensure that the documents are signed correctly and to ensure that the signers are properly identified — not to advise the signer about whether or not they got a good deal.

Lack of Professionalism

Our signing agents are seasoned professionals who bring the appropriate level of professionalism to each transaction. We understand the important role we play in life’s big moments — mortgages, college loans, etc. — and we act the part.

A Better Way to Close with BNNServices

Since 2008, BNNServices has been trusted by title agencies, mortgage lenders, servicers and consumers to perform loan and document signings in multiple languages across the country.

Unlike other signing services, BNNServices “touches” each and every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Ready to experience the BNNServices difference? Get started today!

BNNServices News

It’s More Than a Transaction with Bilingual Notary Network

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Since 2008, Bilingual Notary Network has been trusted by title agencies, mortgage lenders, servicers and consumers to perform loan and document signings in multiple languages across the country.

Now that we’re launching a blog and putting out a monthly newsletter, we thought we would introduce ourselves and let you get to know the people behind BNNServices a little better.

Meet Madeline and David Ricci

Between them, they have over 50 years of mortgage banking experience at top ten organizations, Madeline as a sales leader in originations, servicing and REO and David in leadership roles ranging from originations, operations and servicing to specialty areas in construction, renovation, and reverse mortgage lending.

You name it, they’ve done it.

Both experienced firsthand the process breakdowns at the point of closing that routinely threatened transactions and left consumers with negative experiences.

Sometimes it was a lack of education on the consumer side before the closing — they wouldn’t bring the required funds or wouldn’t know what they were signing. Other times the knowledge gap lay with the signing agent assigned to the transaction. Sometimes the agent didn’t even speak the same language as the signer.

So they decided to do something about it themselves and started Bilingual Notary Network.

What Makes BNNServices Different

BNNServices promotes a high-touch customer service process. On average BNNServices “touches” each and every file 8 or 9 times to ensure the process moves forward free of delays. That’s why we’ve completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.

Our process looks like this

First we assess the order, the client, and the product being transacted in order to find the right agent for the job — by which we mean making sure the agent:

  • Can accommodate the signers schedule and has enough time between appointments so the signer can complete the signing at their own pace and not feel rushed through the process
  • Has experience with the type of transaction that is being executed
  • Has the proper credentials and certifications for the job
  • Speaks the same language as the signer

Next, we make sure the documents were received by the signing agent, confirm that the signing agent will be at the appointment on time, confirm when they arrive at the appointment, confirm that there were no issues, and confirm that the documents were delivered to the client on schedule.

The end result is easier and more convenient signings and “transactions” that feel more like celebrations.

Because in the end, it’s the funding that matters most, whether it’s for a college loan, purchase or construction of a new home, paying off bills or college education. We never forget the important role we play to make sure they have a great experience!

Ready to experience the BNNServices difference? Get started today!

Below are just a few of the tens of thousands of consumer reviews BNNServices earns thanks to our process and our AMAZING signing agents:

  • Kristine, BNNServices Signing Agent
    “Definitely an asset. She was professional, very knowledgeable and was able to answer all of our questions.” – Sean and Maridellan, 10/2019
  • Kimberly, BNNServices Signing Agent
    “Loved working with Kimberly. She was proactive in communicating with the process and time. She was fun to sit with and very thorough in her explanation of documents. She started the day out great!” – Beverly, 10/2019

Ready to experience the BNNServices difference? Get started today!

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