Remote Online Notarization Begins to Take Hold

On May 12 BMO closed their first home equity line of credit remotely using Blend’s digital closing product Blend Close; the fintech allows for parties to complete documents via webcam where they are in different locations; the tool is not yet widely accepted but could be a game changer in the long term; “The providers are there, waiting for more and more people to be able to conduct business that way,” said Craig Hughes, Managing Director of Financial Services at CC Pace, to American Banker. “There is not a lack of technical solutions to the problem. This is more of a legislative issue.”; some states have authorized the RON model on temporary basis during the pandemic and would need to do so permanently; the biggest is challenge is the difference in laws by state and county, this is bound to cause confusion and slow the pace of adoption more widely; As state notary laws continue to evolve, we foresee that RON will become the most efficient and consumer-preferred method for completing all notary-related functions,” said Gene Pranger, CEO and founder of POPi/o, to American Banker. “We don’t see the easing of pandemic concerns erasing consumer expectations once RON becomes an accepted method to legally verify transactions.” American Banker

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