Hawaii Passes Remote Online Notarization Bill – ALTA
Hawaii has passed a bill that allows for remote online notarization (RON) in the state. SB 2275, which awaits the signature of Gov. David Ige, will go into Jan. 1, 2021. Hawaii becomes the 27th state to pass RON legislation. The legislation updates the state’s notary public laws to conform to the Revised Uniform Law on Notarial Acts (2018), the Hawaii Uniform Electronic Transactions Act, other state notary laws, and current notary practices
The changing laws on remote online notarization – The Washington Post
As of mid-June, 26 states allow RON closings, including Virginia. The District and Maryland allow RON closings on a temporary, emergency basis. According to Diane Tomb, chief executive of the American Land Title Association (ALTA), nearly 30 percent of title and settlement companies are offering some type of digital closing to meet social distancing requirements. This is up from 17 percent of companies offering digital closings in 2019.
How COVID-19 has shaped the push for remote online notarizations – Inman News
The coronavirus pandemic has exposed the fragility of the real estate ecosystem, but there is an opportunity to come out of this experience with newfound transparency and cohesiveness that will propel the market into a new way of doing business. To accomplish this, participants in the mortgage transaction will first need to understand how to improve their processes and work together more closely. This is where the real estate ecosystem comes into play. It is not just about the title company. Getting this done is going to require that the lending, title, settlement services and brokerage communities all come together.
Building Trust in Digital Mortgage Closings – The M Report
The typical customer hears a lot of messaging and advertising about a simple digital mortgage. And remember, they don’t know mortgage law, so “digital mortgage” sounds like an entirely online process that’s as easy as ordering on Amazon or watching Netflix. The reality, as we all know, isn’t that simple.
Sens. Cramer, Warner Introduce Federal Remote Online Notarizations Bill – MBA
U.S. Sens. Kevin Kramer, R-N.D., and Mark Warner, D-Va., have introduced legislation that would allow immediate nationwide use of Remote Online Notarizations (RON), a step long-advocated by the Mortgage Bankers Association and the American Land Title Association. S. 3533, the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act of 2020, would authorize every notary in the United States to perform RONs, requires tamper-evident technology in electronic notarizations and provides fraud prevention through the use of multifactor authentication.
Wisconsin issues emergency guidance on Remote Online Notarization – WISC-TV 3
The state Department of Financial Institutions has authorized remote online notarization due to the COVID-19 pandemic. The legislation was originally supposed to go into effect on June 1 of this year.
Wisconsin Passes Remote Online Notarization Bill – ALTA
Wisconsin became the latest state to pass legislation that allows for remote online notarization (RON). AB 293, which is based off the ALTA-MBA model RON bill, awaits the governor’s signature. The legislation goes into effect in June 1, 2020. Wisconsin is the 23rd state to pass RON legislation. The Wisconsin Land Title Association was instrumental in getting the legislation passed.
The benefits of digital real estate closings – AZ BIG Media
For the past decade, the residential mortgage industry has felt the need to speed up the transaction. The industry is experiencing a wave of technological innovation as existing lenders and start-ups seek ways to automate, simplify and accelerate each step of the mortgage origination process.
The industry is working to streamline the overall mortgage process by encouraging the use of electronic documents. Fortunately, there are U.S. federal and state laws that permit lenders to originate e-mortgages in any state and deliver them to investors for purchase. And with the legal framework in place, interest in e-mortgages is picking up speed.
Get a Digital Closing Boot Camp on Your Calendar – ALTA
The Digital Closing & eMortgage Boot Camps – brought to you by the American Land Title Association and the Mortgage Bankers Association – will help your business navigate the digital closing process for the new decade. There are three sessions planned around the country, one in December and two in 2020.
Lenders Gauge the Success of Going Digital – Mortgage News Daily
Fannie Mae asked lenders, as part of its third quarter Mortgage Lender Sentiment Survey, about their digital transformation efforts. The company says that, in previous surveys, lenders have consistently shown a strong interest in leveraging technology to improve both the front-end consumer experience and back-end operational efficiency.
Quicken Loans announces ability to perform eClosings in all 50 states – HousingWire
Quicken Loans announced in October that it is the first lender to develop the capabilities to perform electronic mortgage closings in all 50 states.
This is significant given the size of the company and its market share. Home Mortgage Disclosure Act data from 2018 shows that Quicken was the second-largest mortgage originator for the year by mortgage volume, originating $81.4 billion in loans and holding 4.7% of total origination volume, according to HMDA data prepared by iEmergent.
Digital Doesn’t Have to Be Disruptive –The Harvard Business Review
The FNF Digital Solutions Team picked this piece because we felt like a lot of the information in this article could apply to our agents as you work to determine how digital best helps you and your customers. Hopefully, it alleviates some potential fears you have and gets you excited about everything this technology can offer your business! Check out this excerpt:
It’s not surprising that many managers expect digital transformation to involve a radical disruption of the business, huge new investments in technology, a complete switch from physical to virtual channels, and the acquisition of tech start-ups. To be sure, in some cases such a paradigm shift is involved. But our research and work suggest that for most companies, digital transformation means something very different from outright disruption, in which the old is swept away by the new. Change is involved, and sometimes radical replacements for manufacturing processes, distribution channels, or business models are necessary; but more often than not, transformation means incremental steps to better deliver the core value proposition.
More States Legalize Digital Home Closing Process – Think Realty
Iowa is the latest state to allow buyers to electronically close on a home, continuing a shift across the country to make mortgage transactions more efficient.
To close out April, Iowa Gov. Kim Reynolds signed a law that enables digital closings for mortgage transactions, digitizing a time consuming and paper-intensive process.
Fidelity National Financial remotely notarizes Texas property purchase – HousingWire
Fidelity National Financial helped clients complete a real estate closing in Texas, even though the parties were in separate parts of the Lone Star State.
Indeed, the property sellers were in Austin, while the escrow officer was just south of Houston. No matter, FNF closed the gap between the two digitally.
Remote Notarizations Available for Fidelity National Financial Network – MReport
NotaryCam, a provider of online notarization and mortgage eClosing solutions, announced that Fidelity National Financial (FNF), will allow the use of NotaryCam to deliver remote online notarization (RON) and remote online closing (ROC) capabilities to FNF’s network of direct title and settlement operations, as well as its network of independent title agents. Most recently, FNF used the NotaryCam platform to complete its first remote notarization in Texas.
Fidelity National Financial takes digital closing nationwide – HousingWire
The digital real estate closing revolution is about to take a giant step forward, as the nation’s largest title insurance company is rolling out hybrid and fully digital closing options throughout its entire title insurance network.
How Many Trees Can Be Saved With Fully Digital Home Closings? – Redfin Blog
So, just how much paper would be saved in the U.S. if every single home closing was fully digital? Let’s break it down:
There were about 6 million home sales last year in the U.S. and about eight out of every 10—roughly 4,800,000—included a mortgage. For the sake of simplicity, we’re limiting this analysis to home sales including mortgages. The total documentation required to close a home sale—including the loan paperwork along with title, tax and various other legal documents—generally totals around 200 pages, according to Redfin Mortgage head Jason Bateman, though the pile of paper can be up to 2,000 pages.
Say goodbye to all that paperwork: Digital mortgages have arrived – Washington Post
If you’re a move-up buyer looking to purchase your second home, you might be pleasantly surprised by changes in one aspect of your experience: You can now apply for your mortgage completely online, rather than having to deal with all the onerous paperwork of yesteryear.
Check back soon for more Digital Closing news!