With remote online notary services, borrowers can meet with a notary remotely at a time and location that suits their schedule. This expedites closing and maintains a digital experience from application to completion.
Because lenders must print tens and hundreds of pages, the sustainability benefits of an end-to-end digital process could reduce approximately two billion sheets of paper consumed as part of the mortgage process.
Time
Before the COVID-19 pandemic, working remotely may have seemed like a pipe dream. But as the pandemic progressed, it became clear that performing duties from home was possible and beneficial to both employees and their employers.
Notaries who work online can meet with clients without traveling, thus saving both notaries and their clients time. It’s estimated that Americans spend up to five thousand dollars each year on commute costs (gas, car maintenance, and public transportation), which can be eliminated with remote work options.
Notaries who use a custom remote online notary solution can reduce their document preparation time by up to 60%, giving them an edge against the competition and improving customer experience. The system also allows them to connect with clients from different locations, thus broadening their client base and increasing accessibility. Moreover, a digital notary process eliminates the need to keep and store paperwork, decreasing overall administrative complexities.
Travel
When clients must sign a vital document they cannot do in person, remote online notary services provide an easy and convenient solution. Rather than meet in a notary’s office or travel, they can schedule an online meeting with the notary via video on a secure website. This allows the notary to perform their duties without the health risks associated with traveling and in-person meetings.
This convenience and efficiency benefits both clients and notaries. Notaries report a substantial increase in work productivity by eliminating the need to travel for appointments. Many notaries can double the number of signings they can do daily.
Moreover, RON makes notarization more accessible for clients with limited transportation options who live in remote areas, have non-traditional work schedules, or have health issues preventing them from leaving their homes. Additionally, interstate recognition of RON means that notaries can assist clients from all over the States.
Money
Becoming a remote online notary will help you save on gas expenses and expensive ink toner. This can significantly reduce your business overhead costs and contribute to higher profits.
Real estate professionals and mortgage lenders leverage RON to streamline closing processes and deliver a great customer experience while reducing paperwork consumption. They can now avoid costly mail-away closings and eliminate reams of paper used in mortgage loan signings.
During the COVID-19 pandemic, banks realized that offering remote notary services wasn’t just possible but beneficial to their businesses. The ability to perform online notarizations helped them increase revenue and create a better customer experience during a difficult time. Now that the pandemic has passed and the restrictions have been lifted, financial institutions can continue to offer RON and enjoy its benefits. These include:
Security
As banking moves online, notarization services would likely follow suit. Research shows that remote notary services can boost a bank branch’s profitability by driving more customers to their websites, resulting in lower operating costs and higher revenue.
Security is also a top priority for remote online notary service providers. They utilize high-level military-grade encryption to safeguard the integrity of sensitive information, and they provide a unified audit trail that documents every step from beginning to end. They also enable notaries to use biometrics, such as facial recognition technology, to verify identity and mitigate risk.
Notaries interested in working remotely should make sure they are up-to-date on all state laws and best practices and have the equipment needed to complete a notarial act remotely, including a desktop or laptop computer, a webcam, a headset, which is optional, and high-speed internet. They should also consider partnering with a leading RON provider with a reliable track record and easy-to-use user interface.
