In 2020, remote online notarization became one of the key technologies being discussed among mortgage professionals. So what does 2021 have in store for RON?
There are many different thoughts on what 2021 could bring for the eClosing technology (and even discussions on whether you can have a true eClosing without it), but much could depend on the consumer demand in the year ahead.
After COVID-19 forced shutdowns across the U.S. and increased social distancing standards, many professionals saw a drastic increase in the demand for remote notarization. Realogy Title Group and Notarize reported a 200% spike in RON closings when comparing just the first half of 2020 to the full year in 2019.
But that same demand may not continue in 2021 since two companies, Moderna and Pfizer, have announced vaccines for COVID-19 that have a more than 90% effective rate. If approved, these vaccines could reduce the spread of the virus, and potentially lessen the need for RON closings.
But in a recent earnings release, Zillow predicted that now that consumers have had a taste of RON, there will be no going back.