Posts Tagged ‘digital closing’

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Remote Online Notarization (RON) Update

The Future is Here; Let’s Embrace It

The adoption and implementation of remote online notarization (RON) received a tremendous boost during the COVID-19 pandemic. Buyers, sellers and title agents are looking to close transactions in the safest way possible. According to the American Land Title Association (ALTA), “Forty-eight states and the District of Columbia have either passed a RON law or issued an executive order pertaining to remotely notarizing documents. Some have done both.”

In December of 2020, ALTA reported that RON use had increased 547 percent during the year compared to 2019. If you are a “Star Trek” fan, the lightning-fast adoption of RON – as well as alternative remote closing methods such as Remote Ink-Signed Notarization (RIN) – has felt like the title industry has gone from cruising to warp speed in a nanosecond. It can even feel tempting to utter one of the show’s classic lines like “Beam me up, Scotty!” when thinking about such transformative change.

But let us back up a bit. As the automobile was invented and became a commonplace form of transportation, society built an accompanying infrastructure – including roads, highways, bridges and tunnels. The same is needed for RON. However, it takes time to develop secure and accessible technology that everyone can use. It requires effort to garner the acceptance of the county recorders who must be ready, willing and able to record native electronic instruments. Creating uniform laws to ensure interstate legal recognition and consumer confidence is also no easy matter.

Properly building out RON infrastructure necessitates the continuous collaboration of numerous parties, including individuals, industries and organizations. For example, MISMO, the Mortgage Industry Standards Maintenance Organization, has been working on standards concerning credential analysis, borrower identification, audio-visual requirements (including the recording of the electronic notarization process) and audit trails. PRIA, the Property Record Industry Association, has been developing national standards and best practices for the land records industry. ALTA and the Mortgage Bankers Association (MBA) have also joined forces to establish model RON legislation. Finally, there are numerous other stakeholders not identified here who have, and are, tirelessly working to enable the requisite RON infrastructure.

Currently, the federal Senate bill (SB) 3533, the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020 (otherwise known as the SECURE Notarization Act), is pending. If passed in 2021, the SECURE Notarization Act will permit RON across the nation and provide for minimum standards and interstate recognition. To track the progress of the SECURE Notarization Act, click on the link provided for SB 3533

Another good resource for tracking the evolution of RON is the DLA Piper financial services alert, which is constantly updated. You can also subscribe to their mailing list to receive alerts via email.

During this time of rapid transition, it is important to keep abreast of the latest RON developments, to “boldly go” forth and not end up like another classic science fiction show: “Lost in Space.”

The future is here; let’s embrace it!

Alliant National Announces the Launch of New E-Closing Integration

Integration streamlines the digital closing process, saving agents time and effort

Longmont, Colo. – (January 21, 2021) – Alliant National Title Insurance Company, a unique title insurance underwriter that partners with independent agents to improve their competitive position, announces the launch of a new policy jacket integration with software partner E-Closing.

The new integration is now live within the E-Closing title production system and available for agent use. Agents who write for Alliant National will be able to pull Alliant National policy jackets directly through the software platform.

Agents can already generate closing protection letters (CPLs) through E-Closing’s software . They will no longer need to navigate to the Alliant National website to generate either of these documents, providing a more convenient and time-efficient experience overall.

“This integration is a helpful tool that will streamline the work of the agents we partner with, improving their ability to quickly obtain the documents they need,” said Bryan Johnson, Director of Information Technology for Alliant National. “It represents another effort on the part of Alliant National to put supporting the independent agent at the heart of everything we do.”

Alliant National distinguishes itself from competitors by combining strong underwriting capability with independent agents’ in-depth knowledge of local markets. The result is a nationwide network with deep roots in local communities, and a wealth of expertise that is flexible, nuanced, and continuously growing.

Visit alliantnational.com for additional information.

MEDIA INQUIRIES

Cathie Beck
Capital City Public Relation
e : cathie@capitalcitypr.com
p : 303-241-0805

ABOUT ALLIANT NATIONAL TITLE INSURANCE COMPANY

The Independent Underwriter for The Independent AgentSM – Alliant National believes in empowering people to thrive. The company protects the dreams of property owners with secure title insurance and partners with 500+ trusted independent title agents as a licensed underwriter in 27 states and the District of Columbia, with annual revenues exceeding $126 million.

About E-Closing

E-Closing is the title industry’s premier cloud-based title production system. E-Closing is trusted by thousands of title professionals across the country. E-Closing is a powerful tool that can help modernize and streamline any title operation. Whether providing better customer service, tracking business relationships, adopting a paperless environment or managing multiple offices, E-Closing equips title agents with the tools necessary to take their business to the next level.

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Are you ‘RON Ready?’ Let lenders know

Is your agency set up to close transactions using remote online notarization (RON)? If so, the American Land Title Association (ALTA) is encouraging you to let lenders know by updating your ALTA Registry listing.

“RON is in high demand and lenders are actively looking for title and settlement companies that can close their loans using this technology,” the association said in a recent post. “Being RON Ready could lead to new revenue during these difficult times.”

There is no cost to be included on the ALTA Registry.

Update your listing on the ALTA Registry at: https://www.alta.org/registry/

Road sign message - Change just ahead

Digital Closing Resources in a Changing World

We break down a complicated process by describing the five main components of the Digital Closing Process.

Remote Online Notarization (RON) started making headlines several years ago but was slow to catch on because, frankly, it didn’t really seem necessary. Then, we could all gather in the closing office and sign with paper and pen, and the technology was new and a little scary. It was like a “big black box.” Few understood how the technology worked, and most approached RON as a convenience for the few people who perhaps couldn’t easily get to the closing office. Articles were written, webinars were presented, legislation moved forward piecemeal, but since RON was considered only a “nice to have” option, there was no widespread incentive to embrace it. It would be understood and adopted over time.

Well, “TIMES” HAVE CHANGED!

We are NOW in the midst of a national pandemic. States are issuing “shelter in place” orders; the federal government is urging people to stay at home; and we’re afraid of getting too close to one another lest we expose ourselves or someone else to the COVID-19 virus. The nation is at home and unable to conduct business as usual.

The real estate, title, and financial industries are a cornerstone of our economy. Our businesses are essential to our country’s entire system of trade, exchange, and consumption of resources. So how do we continue with our business without the need for physical contact? In states where we can, one way is to turn to RON, which enables us to conduct closings remotely. Consumers can go online and execute documents electronically while the closer and notary are located elsewhere.

Many states have recognized RON’s potential as a solution and enacted legislation. There is currently extensive, ongoing efforts to legalize RON across the nation through federal legislation. However, legalizing RON is not enough because RON requires the efforts of many stakeholders to be successful. We all have to work together and be “on the same page.” Do you know what happens before or after you do your part in the Digital Closing Process? 

Alliant National’s new Components of a Digital Closing series was created to give people a common understanding of both in-person electronic closings and remote digital closings facilitated by RON. We produced this series of handbooks to demystify the process – eliminate that “black box” – and provide readers with the “big picture” of how it all works. There are a lot of moving pieces and a lot of players who must come together (hence the “eCollaboration” component of the series) to create the infrastructure needed for the successful adoption and implementation of Digital Closings. Our series of handbooks shows how the Digital Closing Process works from beginning to end.

To break down a complicated process, we’ve described five main components of the Digital Closing Process in these series of articles as:

  • eSign = electronic signing or electronic signature
  • eNotary = electronic notary or electronic notarization
  • eRecording = electronic recording
  • eVault/eNote = electronic vault and electronic note (respectively)
  • eCollaboration = electronic collaboration

It all begins with eSign and expands from there. The advent of recognizing an electronic signature as legally enforceable led to electronic notarization – after all, an electronic notary (and the principals and witnesses) must be able to electronically sign documents. Then, that electronically executed and notarized digital deed, mortgage or deed of trust must be recorded in the public records, so electronic recording (or the acceptance of “papering out” as discussed in the article on eRecording) must be available, or all is for naught! And what about the electronic note? Well, there is a system set up to facilitate the creation, transfer and sale of eNotes through the use of an electronic vault.

Within each article, we explain what the component is or does; we discuss its history or describe its legal evolution; we provide links to other articles or resources on the subject; and we provide a technological overview.

The current health crisis presents many challenges for our industry, but it also represents a unique opportunity to implement technologies that will ultimately make the real estate transaction safer and more efficient than it has been in the past.

It is our hope that you will find Alliant National’s Components of a Digital Closing series be a comprehensive, ready reference as the industry transitions toward the digital closing environment.

View the series

Real estate online sale concept. Mobile app template. Sale and purchase of real estate through a mobile application. Vector illustration

Creative Home Showings & Other COVID-19 Re-engineering

Video solutions throughout the buying process may become the new normal.

With every industry finding itself in triage mode amidst the current COVID-19 pandemic, it can be difficult finding ways to keep our collective heads above water. Though the home buying process typically starts online for most consumers, real estate is still one of the most hands-on, face-to-face markets out there. While it has been reclassified as essential, agents still have a responsibility to themselves and our clients to remove as many touches as possible as we collectively navigate the crisis.

This has resulted in agents across the country getting creative in the way they show homes. Small steps like ensuring all interior doors are open and scheduling time slots for viewings rather than allowing for an open house can help mitigate potential exposure in a big way.

It’s also important to remember that while this pandemic isn’t forever, the way it shapes our industry might be.  Sara Walsh, an agent from Ohio, suspects that things like FaceTime tours and other video solutions throughout the buying process may become the new normal for clients who either can’t or don’t wish to come to live viewings.

You can check out Alliant National’s COVID-19 Resource Page for more information on how you can keep your closings safe and your business moving forward during these tumultuous times.

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The Independent Underwriter for
the Independent AgentSM