April 12, 2020
There have been numerous articles written about Remote Online Notarization (or RON) in the past few months, surrounding the Covid-19 pandemic, and the real estate industry’s need to perform work digitally to ensure that sales, purchases and refinances can occur during the social distancing orders currently in place.
However, there has been some confusion surrounding terminology and differences in digital closings, and we are writing this article is to provide some clarity.
An e-Closing or electronic closing is a mortgage closing in which all the documents are created, accessed, presented, signed, notarized and recorded electronically. They remain in their digital form and nothing is printed out. An e-Closing is conducted with the signor(s) and Notary in each other’s physical presence, thus not accomplishing the objective of full separation of the notary/closer and the parties.
A hybrid closing is the same as an e-Closing except that the Promissory Note is papered out and wet-signed (sometimes along with the mortgage), so again the procedure does not accomplish the objective of physical separation.
Remote Online Notarization (RON)
A RON closing, on the other hand, uses an e-Notary to perform notarial acts when the signor is not in the same physical location as the notary. The signor appears before an e-Notary in a live, recorded two-way audio/visual conference where identification is verified with a photo ID along with knowledge-based authentication technology. A platform such as DocVerify, provides a tamper-evident seal and uses encryption and multi-layered security to prevent fraud.
Ivy Pointe Title is pleased to announce that it has an in-house e-Notary to provide these services for cash, lender and refinance real estate transactions. Craig Donohoe, our in-house closer, is now able to perform RON closings for any lender, realtor, borrower or seller who would like the opportunity to sign their documents in the comfort of their homes or businesses, not only to avoid social contact at this time, but also in the future for convenience, speed and efficiency that has not previously existed in our industry. We also have a second dedicated outside e-notary, Ted Dahmus, who is committed to priority e-closings for Ivy Pointe Title.
For more information on how to place your RON title and closing order, please contact Rick Turner (513.943.5660).