Whether buying a home, establishing a trust, or finalizing business agreements, many important life events require documents to be notarized. With RON, those processes are simplified.
Title companies and real estate professionals use RON to reduce operational costs, create a better customer experience, and ensure compliance. Learn more about the benefits of RON for your business.
Convenience
RON offers a safer, simpler, and more innovative alternative to traditional paper-based notarizations. Executing documents like powers of attorney and establishing trusts can be accelerated through a more efficient digital process.
Unlike a traditional signing, where the Notary’s journal entry becomes a crucial — yet limiting — historical reference, a digitized recording captures a much more robust record of each interaction. This includes the document, identification information (photographs of government-issued ID presented to the Notary), video/audio, and a detailed transcript.
For lenders, a more automated and digital process means greater efficiency and faster turnaround times for mortgage closings. And for signers, a more convenient way to complete their agreements without the need to travel and spend time preparing for a signing session.
Security
Before COVID-19 hit, innovative companies were already committed to streamlining processes and offering faster services to their clients. RON fits the bill for many financial services firms, allowing them to facilitate real estate closings without waiting for clients to travel to their offices or schedule appointments.
RON solutions also provide security that goes beyond state minimum requirements. Using multiple methods of identity verification, including verifying government-issued identification and knowledge-based authentication, providers protect against fraud by making sure the signer is who they say they are.
A digital seal is applied to each document, making it tamper-evident. This, along with a video recording and an electronic journal, makes it easy to see who signed the document and what changes were made.
Flexibility
Most states that allow RON require the Notary to use a state-approved third-party technology solution to verify identities. These solutions may include credential analysis (“knowledge-based authentication” or KBA) or remote presentation. This is an excellent example of a company offering a specialized software solution for this process.
Unlike traditional notarizations, which typically require the signer to present their ID directly to the Notary, the remote online notarization process is conducted via video conference between the Notary and the signer. This eliminates the requirement for physical contact and increases safety for both parties.
Plus, the Notary can save money by not having to pay for a printer or ink toner and reduce gas expenses. Combined, these savings can contribute to a higher profit margin for Notaries.
Ease of Use
With RON, signers and notaries don’t have to meet in person, which makes it easier for those who don’t have reliable transportation, are restricted by coronavirus restrictions, or live far away from notary services. The technology also makes it possible to serve clients who work from home or have non-traditional schedules.
Notaries and their clients can communicate via video conference calls, reducing the need for paperwork and lowering closing times. This can reduce the approximately 2 billion paper pages used yearly in the mortgage process.
In addition, RON providers use fraud-evident identity verification technologies and digital audit trails to protect against fraud. This includes digital certificates, knowledge-based authentication, and verifying government-issued identification, among other features.
Compliance
Working from home may have seemed like a pipe dream for many during the COVID-19 pandemic, but it’s become a reality for many people. Performing work duties remotely saves time and money, improving employee happiness and productivity.
RON makes it easier for businesses to meet state compliance requirements, including notarizing real estate documents such as deeds and contracts. RON solutions ensure that signers are who they say they are with multi-layer security that goes beyond state minimums with photo ID verification, knowledge-based authentication, and two-factor authentication.
Accelerate business with a fast and straightforward online signing experience. Use RON to verify identity and complete notarial acts remotely while meeting compliance standards with an audit trail, tamper-evident certificate of completion, and audio-visual recording.
