During the COVID-19 pandemic, working remotely became an actual reality. But even now, notarizing documents in person can be inefficient and outdated.
Fortunately, notaries can now use remote online notarization (RON) to meet legal duties. RON was first passed temporarily during the pandemic.
Faster Transactions
More than a billion notary transactions occur in most States yearly, requiring paper documents, pen-and-ink signatures, and rubber stamp notary seals. These transactions are time-consuming and costly.
Many people learned that working from home was feasible and highly effective during the COVID-19 pandemic. As a result, intelligent businesses were committed to streamlining their processes and improving customer experiences, and remote online notarization (RON) fit the bill.
RON allows title agents and lenders to process mortgages, real estate transfers, and power of attorney documents faster than in-person notarizations. This leads to closing costs and turnaround time savings for the clients they serve. In addition, RON delivers a level of security and traceability that cannot be achieved with traditional notarizations.
Reduced Travel Requirements
When it comes to business processes, time is of the essence. A slow process can cause delays, and even worse, it can cost the business money. With remote online notarization, businesses can save on travel costs while improving turnaround times.
With remote online notarization, signers can connect with the notary via an online audio-video platform to verify their identity. This eliminates the previous requirement that a notary meets with signers in person.
During the COVID-19 pandemic, when many states instituted stay-at-home orders and social distancing guidelines, mortgage companies used RON to help homebuyers complete their mortgage documents from the comfort of their homes. Since then, RON has evolved into a permanent solution to improve efficiencies in the mortgage industry and beyond.
Reduced Paper Costs
A key benefit for businesses that require document notarizations is reduced paper costs. Unlike in-person notarizations that often require a ream of paper, remote online notarization eliminates this need. This saves you money on printing costs and reduces your environmental impact.
During the COVID-19 pandemic, many enacted temporary emergency measures allowing remote online notarization (RON). During a RON session, a signer presents a photo ID and then participates in an audio-visual video conference with a notary to verify their identity. This process includes security features such as identity verification and knowledge-based authentication, reducing fraud risk and errors. Moreover, the audio-visual recording is retained electronically.
More Secure Transactions
Working from home was once considered a pipe dream for most workers. The COVID-19 pandemic proved that it wasn’t just possible to perform work duties remotely but beneficial to everyone involved.
One of the biggest pitfalls of paper-based processes is human error. With remote online notarization, dedicated alerts and notifications help prevent signature fields from going unnoticed or missing altogether.
Moreover, many RON platforms provide built-in identity-proofing technologies that confirm signers’ identities and ensure the security of their documents. This can be achieved by verifying the ID document used by a signer and using knowledge-based authentication (KBA), which consists of question-and-answers about a signer’s past to validate their identity. The verified information is then saved as part of the audio-visual session.
Better Record-Keeping Requirements
Many real estate, mortgage, and financial transactions require notarization. Traditionally, the process of finding a notary, scheduling an appointment, and collecting piles of documents is lengthy and time-consuming.
Online notarization allows for a digital process that is both flexible and fast. With RON, clients can complete their notarizations on their terms by video conference with a licensed notary at a time that suits them best.
RON also offers better safeguards against fraud and coercion as the session is an audio-video recording that’s been saved for ten years. In addition, a remote notary can use multiple identity verification methods backed by rigorous security standards. This makes it a safer choice than in-person notarizations, which only use an individual’s word against another person’s.