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 is, how 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.
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.
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.