Notarize, a provider of remote online notarization (RON), and Snapdocs, a California-based digital mortgage closing platform, are partnering, the companies announced Thursday. Notarize’s RON solution will be incorporated into the Snapdocs platform, making it easier to achieve a true digital closing experience, the companies said.
“With Notarize integrated directly into the platform, Snapdocs gives all parties the technologies they need to complete a digital closing. The result is a comprehensive solution that leads to faster closing times and easier cross-party workflows,” the companies said in a statement.
Notarize, ranked No.114 on the Inc.5000 list, enables thousands of people each day to sign and notarize documents online.
Meanwhile, Snapdocs, connects all parties and technologies involved in a mortgage transaction to complete the closing process online. The tech company’s services are used by lenders, title companies and notaries. The company noted that on a daily basis, over 130,000 mortgage professionals rely on the tech company to automate manual work and digitize paper processes.
Pat Kinsel, founder and CEO of Notarize, said in a statement that this partnership is a no-brainer.
“Snapdocs has built an incredible platform that is helping the entire real estate ecosystem move closer to a future where most or all closings are fully digital, to the benefit of everyone involved in the transaction,” said Kinsel. “At Notarize, we’ve built the gold standard RON solution and have also been working towards that same future. Partnering with Snapdocs gets everyone there faster.”
Meanwhile, Todd Maki, head of business development and partnerships at Snapdocs, remarked that integrating Notarize’s services will help mortgage lenders “orchestrate a more perfect mortgage closing” that is fully digital and error-free.
Adoption of remote online notarization soared 547% in 2020, according to a survey from the American Land Title Association (ALTA) of major vendors working in the RON space. However, state laws have prevented nationwide adoption and hindered forward progress even in states where it’s legal. Right now, RON is allowed in 38 states, but in May, senators reintroduced a federal bill, the SECURE Act, to make it legal nationwide.
In April, Notarize announced that it would allow independent notaries — of which there are 4.4 million in the U.S. — to utilize its software and platform for their own independent transactions. The company estimated that 1.25 billion notarizations are completed every year, including powers of attorney, beneficiary designations, real estate transactions and mortgages.