As online lenders continue to uncover the efficacy, practicality, and convenience of remote online notarization, this cutting-edge resource is taking the industry by storm. Better known as RON, remote online notarization allows documents to be notarized electronically. When online lenders use RON, it ensures a hassle-free process and promotes safety during a pandemic. In fact, when the virus reared its ugly head, the demand for remote closings was so high that RON providers were seemingly impossible to reach.
Richard Bramhall, a member of Westcor’s senior management team, suggests that RON will maintain its popularity even after we get COVID-19 under control. After all, he’s seen an upward trajectory in the adoption of RON services for months. Florida has proven the most willing to embrace this modern alternative, which Bramhall attributes to the state’s RON statute that’s been in place for a year. Unfortunately, states like West Virginia and Rhode Island haven’t followed suit. Bramhall believes that these attorney states are so rooted in tradition that they’re less likely to show interest in new procedures.
Though there hasn’t been widespread support for RON, Bramhall is most excited to see groups of all ages using remote online notarization options. As RON was being introduced, Bramhall predicted that mainly millennials would be on board. Fortunately, older generations have been equally enthusiastic about this present-day solution. According to Bramhall, those in their fifties and sixties enjoy being able to navigate everything so quickly. Even still, remote closings don’t appeal to all.
First-time homeowners, specifically, want the pomp and circumstance that comes with buying a home. Dotting the i’s and crossing the t’s from home detracts from the magic of this occasion. With so many preferences and demands to cater to, Bramhall urges all online lenders to have a wealth of options at their disposal. With traditional resources, you can appease those who don’t want to forgo the ceremonial closing experience. In the same breath, when online lenders use RON, it bodes well for expediency and safety.
While RON remains a favorable option for many, institutional lenders have demonstrated an unwillingness to accept remote online notarization. Digital mortgage providers are working hard to fill the supply and demand needs that these conventional lenders are muddling. In the hopes of making RON more alluring, Bramhall has highlighted the success that companies like Quicken Loans have seen. For instance, Bramhall states that as a “big adopter of RON,” Quicken Loans has significantly increased its closing rates.
Until all title and escrow companies support RON, we won’t know the full potential of remote online notarization. Perhaps businesses are balking at the idea because they feel RON will be rendered useless once the pandemic subsides. However, Bramhall anticipates RON becoming a new, improved, and preferred method. It’s for this reason why he encourages all online lenders to unleash the power of remote online notarization.