Virtual Notary Adoption Surges as Businesses Rush to Close Transactions Remotely

 When COVID-19 devastated the U.S. nearly a year ago, many industries were forced to adapt. To protect public health and adhere to CDC guidelines, COVID-safe alternatives became increasingly more prevalent. Remote online notarization, for instance, has taken the industry by storm. As the pandemic continues to ravage our communities, it’s become clear that RON is here to stay. Other digital solutions are also gaining traction.

Liveoak, for example, has implemented web-based identify verification and teleconferencing to complete auditable transactions remotely. Several other companies have followed suit, embracing the era of RON so that business can carry on as usual. Now that RON has become the new norm, Notarize, a company that provides online notarization services has grown exponentially. In fact, over the last year, Notarize has seen a 500 percent expansion in its operations.

With COVID-19 cases on a steady incline, the demand for Notarize’s platform hasn’t wavered. In June, when it became apparent that the pandemic was only intensifying, real estate agents and homeowners were eager to complete closings that had been paused. What’s more, lower interest rates inspired many to capitalize on refinancing options. As a result, real estate transactions soared, and Notarize closed $7 billion in volume in that month alone. As Notarize remains a sought-after resource, it’s expanding its reach.

Currently, the company is working with the top 10 insurance companies in the U.S., ranging from home to auto providers. In keeping with this expansion, Notarize also forged dozens of new partnerships, including relationships with Trust & Will, J.D. Power, and government-sponsored enterprises. Many companies are keen to partner with Notarize because it’s taken several measures to prevent cybersecurity threats. From encrypted communications to tracked audit trails, Notarize has gone the extra mile to safeguard its assets.

Another corporation at the forefront of these digital developments is eOrginal. Much like Notarize, eOriginal sprung into action when the pandemic emerged. Brian Madocks, the company’s CEO, echoes Notarize’s emphasis on security. According to Madocks, data protection ensures confidentiality, peace of mind, and well-oiled operations, which is exactly what consumers and vendors are looking for. Madocks is also a firm believer in the permanence of virtual notary services.

To maintain social distancing and resume business, Madocks states that RON is a must. In addition to being convenient, it’s also a surefire way to stop this virus in its tracks. However, some lenders and investors are still on the fence. While these professionals understand the importance of RON, they’re unsure of how to strike a balance between compliance and scalability while using this modern technology. Though RON is a cutting-edge application, industry experts believe that more work needs to be done to achieve a flawless paperless process.

Above all else, lenders need access to electronic capabilities that will allow them to store and manage eNotes. Without eNotes, it’s impossible to execute a successful remote closing. Those in the industry are yearning for more resources that will streamline these necessary affairs. Most notably, there’s a glaring lack of knowledge in some fields. Many attribute this to our limited experience with certain procedures.

While RON is far from a new invention, it’s only recently become an invaluable asset. As a result, it’s forced companies to immediately learn the ins and outs of this complex machinery. Therefore, the setbacks that many are facing have to do with proper techniques and implementations. Fortunately, we’ve proven our unmatched flexibility and ability to adapt, which bodes well for increased understandings as RON continues to reshape many of our industries.