Part Three: Your Guide to Remote Online Notarization in 2020

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LenderClose has created a comprehensive, four-part guide to Remote Online Notarization (RON) – an important piece of the digital lending toolkit – covering topics including what RON ishow it works, implementing RON, and an overview of RON technology itself. This is the third in the series and breaks down the implementation of RON.

The call for digitization of lending services was happening long before the world was rocked by the COVID-19 pandemic. The pace and scale of digital adoption varied widely among financial institutions – that is, until stay-at-home guidelines and social distancing became a universal reality almost overnight.

Accelerated digitization is now a must for every credit union and community bank for financial institutions that want to maintain responsive and seamless lending services during a global pandemic and well beyond.

Also: Check out our glossary of lending terminology.

Make sure to read Part OnePart Two, and Part Four of our four-part guide!

IMPLEMENTING RON

Can a financial institution use its staff members as notaries on the transaction?

Yes, but please note that in states where RON is legal, notary publics must go through an online validation process before being able to notarize documents digitally. For state-specific information, check with the secretary of state’s office.

How does a financial institution implement RON?

The process is fairly straightforward for financial institutions currently using the LenderClose platform. Simply contact a LenderClose relationship manager or the support team to learn more about our RON solution. 

Financial institutions not currently using the LenderClose platform can contact a LenderClose sales executive or schedule a demo to get more information.

How long does it take to set up RON at a financial institution?

A financial institution’s account can be set up within 72 hours. Allow 3 to 5 business days for each individual notary that is not already in the system.

Is the financial institution required to bring their own notary public to the electronic transaction?

The LenderClose RON solution allows financial institutions to use their own notary publics or opt to use one of LenderClose’s nationally-approved eNotary/RON signing agents.

Can a LenderClose client bring its own employees as notary publics onto the technology?

Yes. Please inquire with your relationship manager or email the support team.

Learn more about the LenderClose RON technology by signing up for a demo or contacting us today!

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