The world is full of scam artists, as title agents know all too well.
As the role of the title agent as guardian of the real estate transaction continues to evolve, ferreting out fraudulent actors puts added responsibility on the shoulders of title, escrow and closing agents.
To accomplish this commission, agents rely increasingly on digital tools to help identify fraudulent transactions – and fraudsters – and remote online notarization (RON) has become one of the most important tools for meeting increasing demands for security.
Here are a few advantages RON offers.
RON technology must follow the strict legal requirements developed by federal and state regulations aimed at creating the most secure and effective platform for accurate identification of participants as well as digital security. Each state may have its own specific requirements, and the specific RON technology used within that state must be approved. As a title agent, it is imperative that you know which RON technologies are available for use in your state and any specific requirements you must meet.
RON offers security protocols that provide increased protection for the transaction, including:
Although RON closings are remote, video capabilities provide the notary with a comparable ability to observe the participants for compliance and to communicate with them freely to ensure they are fully comprehending the various aspects of the transaction.
One of the most significant security benefits of RON is the audit trail. Closers who have worked in this arena for decades will note the greater efficiency in this digital technology when it comes to auditing the final file to ensure all documents have been signed and approved correctly.
Of course, as no doubt title agents are painfully aware, no digital process in a real estate transaction is without risk. Hackers have become increasingly sophisticated at intervening in the transaction at multiple junctures. It is imperative that title agents do their due diligence in determining which RON technology offers the greatest protection.
Ultimately, RON offers an important improvement in the user experience, especially for those clients who prefer the remote experience for a whole host of reasons. For many, the opportunity to review documents at a more leisurely pace in a comfortable environment offers a certain comfort level. For many buyers, especially in the Florida market, they may be purchasing a vacation property. Signing in person in that situation is far more difficult and onerous.
And finally, as a title agent, offering a more secure and flexible closing opportunity can enhance your brand and open up increasing opportunities in our digital world.
At Network Transaction Solutions, our flexible options give you the freedom to streamline and simplify your operations. In addition to Remote Online Notarization (RON) services, we offer mobile closing services nationwide, municipal lien services, mortgage payoff ordering and tracking, post-closing services, mobile home title services and more. Call us today to learn more.
