The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

FintechMortgage

Nationwide adoption of online notarization just took a big step forward

Nation’s secretaries of state adopt regulatory standards

One of the main things standing in the way of a fully digital mortgage in many states is the requirement for a notary to witness the signing of the mortgage closing documents.

Currently, only four states allow their notaries to perform online, remote notarizations, which allow borrowers to “sign” their mortgage documents from anywhere, via secure video conferencing.

But it appears that the push to take online notarization nationwide is about to take a huge step forward.

On Monday, the National Association of Secretaries of State, a group that includes the secretaries of state for all 50 states, Washington, D.C., and the U.S. territories, adopted nationwide standards for online notarization.

And the move is important because in most states, secretaries of state are the commissioning authority for notaries, granting them the authority to act as a notary.

According to the NASS, the electronic notarization standards will form a framework that policymakers and regulators can use when developing and implementing remote notarization laws, regulations and guidance.

The effort was led by Kentucky Secretary of State Alison Lundergan Grimes, who chaired a NASS task force on electronic notary standards.

“This task force’s exhaustive process yielded a comprehensive product that sets forth baseline standards to support transactional security, the privacy of the document signers, and the centuries-old assurances of the notarial act,” Grimes said in a release. “I’m proud to have led this discussion with a bipartisan group of secretaries and key stakeholders from across the country.”

Back in 2006, NASS adopted standards for electronic notarization, which allowed documents to be signed electronically on a tablet or computer. But, the standards still required an in-person appearance in order to verify the signer’s identity. Therefore, electronic notarization was not fully digital.

But the adoption of the new standards moves the country closer to nationwide acceptance of online notarization.

Currently, notaries in Virginia, Texas, and Nevada are allowed to perform online notarization for signers nationwide.

According to Grimes’ office, nine more states, including Kentucky, are currently considering online notarization legislation.

The move towards online notarization is being led, in part, by Notarize, a digital platform that allows for legal, online document notarization.

As expected, Notarize celebrated the NASS decision.

“We’re thrilled to announce that today, the National Association of Secretaries of State officially adopted standards for online notarization. The new standards are a huge step forward – providing clear policy and regulatory guidance for the effective operation and regulation of online notarizations,” Notarize said in blog post. “It puts notarizations conducted online on par with in-person paper notarizations for acceptance by key regulators.”

Notarize CEO and Founder Patrick Kinsel took to Twitter to further applaud NASS’ move.

[Update: This article is updated to accurately note the states that allow notaries to perform online notarization.]

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

William Raveis ain’t no stinkin’ iBuyer

Like others, resi brokerage & lender William Raveis is happy to buy your home. But its new program doesn’t mean it’s an iBuyer.

Apr 09, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please