Second Century Ventures, the investment arm of the National Association of Realtors, announced it is investing in Notarize, a remote notary platform.
The announcement reaffirms a strong push in the industry toward remote eClosings.
Notarize recently helped pioneer remote notarizations into the mortgage industry, bringing complete end-to-end digital mortgages into reality.
Compared to the previous option that required either some in-person contact or a notary to eSign closing documents via a shared tablet, the company’s solution uses a secure video technology that is custom built to enable a borrower to connect with a notary much like you would with Skype or FaceTime.
With the investment from the largest trade group representing Realtors, Notarize plans to scale these remote eClosings across the country.
According to a recent survey conducted in partnership with NAR members, more than 60% of Realtors said they experienced a closing last year that was delayed or cancelled due to one of the parties not being able to be physically present.
And, 30% of respondents said anywhere between 5-25% of their closings were delayed or cancelled
Nearly 90% of the members responded saying they believe online closings would be important for them and their clients.
This new partnership should help fix with these Realtor concerns. “A faster, more secure closing reduces stress and improves the overall experience, and we believe Notarize is the company that will make this a reality for agents across the country,” said Bob Goldberg, CEO of NAR.
The investment from NAR follows Notarize’s participation in the REach Accelerator program, a program that brings new technology companies into the real estate market.
Notarize is only one of 13 investments that NAR has ever made through its venture fund.