April 25, 2024

InfoTrace

The value of truth

Essential Tools for Remote Online Notarization

3 min read

Document signings are critical to mortgage lending and other industries. A robust remote online notarization (RON) solution helps reduce the back-and-forth of loan closing.

It is available in most states with permanent RON laws and offers per-notarization pricing for individuals, monthly subscriptions, and bulk prices for businesses and title agencies. It also provides several security features, including identity verification and knowledge-based authentication.

Document Management

In a time when the world is turning increasingly digital, it only makes sense for lenders to offer their clients a digital experience from application to closing. Online notarization allows for a more convenient, seamless, and secure process for borrowers.

Studies show that notaries can only identify imposters 72% of the time—which speaks to how hard it is for humans to spot fraud and the value of digital tools to help mitigate error.

There is an excellent choice for mortgage brokers and other notaries who want to grow their remote online notarization business. Their robust software offers superior ID verification and record-keeping, focusing on compliance and security. They store all downloadable sessions for 10 years and are MISMO-approved by the industry’s giant standards board.

E-Signatures

E-signatures enable businesses to automate signature-verification processes that are typically time-consuming. They help streamline and simplify complex documents, eliminating the need for customers to travel to your office or make after-hours meetings with notaries.

Choose an e-signature solution that enables you to manage multiple signature processes simultaneously and provides audit trails for every transaction. Also, consider how easy it is for your team to use the solution on their mobile devices.

Lastly, evaluate pricing models for your business. Smaller companies that handle fewer customer transactions regularly may get by with an e-signature embedded into a PDF or Word document. However, larger enterprises and SMEs will benefit more from intuitive mobile-optimized solutions that efficiently manage numerous customer transactions.

Video Notarization

Remote online notarization (RON) allows the signer and the Notary to appear together over audio-video conference technology for mortgage-related documents that require notarization. This provides an additional layer of security and helps ensure a verifiable audit trail for all transactions.

It also reduces the risk of fraud by providing better safeguards to verify IDs and biometrics and creating a recorded session to be reviewed. Additionally, RON can be built into a singular, end-to-end document management and e-signature platform, reducing the time it takes to send agreements.

Learn everything you need to know about RON, from how it works to becoming a qualified RON notary. Expand your client base and make more money with this convenient, secure closing solution!

Document Retrieval

With a document retrieval system, all documents can be stored electronically in a central database that is easy to search. This allows individuals to access these records anytime, even if they aren’t in the exact location of the document.

RON tools offer a much more convenient experience for both signers and notaries public. They’re easier to use, and the technology is more fraud-resistant than paper-based notarizations.

RON solutions offer multiple ways to verify identities, making it possible for Notaries to comply with state guidelines. They also provide a full record of every transaction, reducing risk and enabling the Notary to identify suspicious behavior. These tools are essential for all Notaries who conduct RON, whether for homeowners or business clients.

Authentication

Notarization is a sensitive process, and the ability to remotely execute documents through videoconferencing can make real estate closings, loan applications, and court petitions more convenient than ever. But this convenience doesn’t come without security.

Authentication is one of the most essential tools in a notary’s tool belt, but not all security software is created equal. A recent study found that trained notaries could only identify imposters 72% of the time.

That’s why looking for a solution that includes credential analysis and identity proofing is essential. Credential analysis requires signers to capture photos of their IDs front and back, which are run against an identity verification system that complies with your state’s requirements. The Notary then compares the photos to the document to ensure it matches.

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