Can You Close your Mortgage Loan from Anywhere in the World?

The Comment period for Remote Online Notarization (RON) standards ends in 10 days, August 12, 2019.  If there are no comments that substantiate revision, MISMO (Mortgage Industry Standards Maintenance Organization) will move the standards to recommendation status. 

MISMO’s RON standards are designed to promote consistency across the mortgage industry in states that already implemented online notarization rules.  Wondering whether this affects you?  If not today, it may soon give you more options when you buy your next home.  Having the procedure standardized should offer better protection and security while you still enjoy the convenience of the new option.

Remote notarization is defined by nationalnotary.org where the signer “Personally appears” before the  Notary at the time of notarization using audio-visual technology via the internet instead of being physically in the same room.  So, like Skype or FaceTime.  To be clear, remote notarization is NOT the same as electronic, or eNotarization. eNotarization involves digital documents that are signed with an electronic signature, but all the other requirements of a traditional, paper notarization apply to electronic notarization, such as both the signer and notary being physically in the same room. Remote notarizations legislation has passed in 22 of the United States.  If your state has implemented remote notarization legislation, state law will specify which transactions are allowed and what must be followed in order to comply.   Not every state has implemented the new rules. Here is a list of the states’ approved remote notarization legislation status.

Imagine the difference it could make for those who can’t physically attend a transaction requiring notarized signatures, especially for those who need to travel for business when trying to buy their new home. I’m sure you can come up with several more reasons for RON.  Notaries may have surcharges to cover the remote notary requirements, as in Nevada, and the end-to-end remote notarization systems they will be using, such as DocVerify, Notarize, Notary Cam, Pavaso, Safedocs, or SIGNiX.

Some of these systems are apps that can be downloaded by the customers who need remote notary services.  Or your Real Estate professional may be able to help you if you are buying in a state that has implemented remote notary legislation.

If your state is not on any of the lists above, check with your representative to see if your state is considering moving to this option for signatory transactions.