DocMagic and Secure Insight announced Friday the launch of a remote online notarization (RON) joint training program. The goal is to establish a trusted database of notaries who have been fully trained and certified on DocMagic’s Total eClose platform.
DocMagic CEO Dominic Iannitti noted that lenders have a growing need to hire well-qualified eNotarization professionals to work with and ensure that deals close smoothly and on time.
“Ultimately, this partnership creates a better RON process for lenders and borrowers alike, benefiting all users involved in the eClosing process,” Iannitti said. “Lenders are operating at maximum capacity right now with an influx of mortgage applications that they must ultimately close on as efficiently as possible amid heavy loan volume. Our new certification process will ensure lenders that RON eClosings will be handled quickly and efficiently by a ready supply of proficient eNotaries.”
Iannitti said Secure Insight brings its own extensive national database of notaries to the training program.
“By joining forces, DocMagic offers the technology and Secure Insight provides a unique database and individual training for notaries,” Iannitti said. Notaries that have been trained on DocMagic’s total eClose platform will be available as resources for trainees.
Remote online notarization picked up steam in 2020, as businesses adopted remote signatures to adhere to social distancing protocols while closing on mortgages and other loans.
“One of the primary challenges in facilitating RON transactions is that lenders are hesitant to entrust the closing process with a notary that may be ill-equipped to effectively perform an eClose transaction,” says Andrew Liput, Secure Insight CEO. “Teaming with DocMagic allows us to identify properly licensed, experienced and trained professionals whom lenders will feel comfortable leveraging to perform the specialized functions surrounding these unique transactions.”
Added Iannitti: “There are a significant number of moving parts to an eClosing, and as a single-source solution, we have intricate knowledge of every one of them. We have eliminated all of the issues that plague other providers — not only immediately after the implementation, but over the long haul as well.”
Dealmaking in the virtual notary services space rose amid the pandemic. In July, DocuSign acquired Austin-based startup Liveoak Technologies for $38 million in an all-stock transaction. Digital notary platform Notarize also closed on a $35 million Series C round of funding in March, raising a total of $82 million with investments from real-estate focused venture capital firm Camber Creek, Boston-based Polaris Partners, and other existing strategic investors.