Remote Online Notarization, or RON, is one of the most exciting developments in the eClosing world in recent years. There are a few common misconceptions surrounding RON, and depending on who you talk to, it might be the greatest thing since sliced bread, or a flash in the pan that will never really catch on. Here we will explain the latest developments, the pros and cons, and the current reality of RON eClosings.
The industry has been consistently moving closer to digital becoming the standard format for originating, closing and selling mortgages. However, the actual eClose has been one aspect of the digital mortgage transaction that has complicated the progress towards paperless becoming the industry norm. But integrated eClosing solutions are now becoming a reality to benefit the borrower, lender, title and settlement.
In our previous blog post, we explored eMortgage’s complex past and how the convergence of multiple technological and legal developments enabled eMortgage to arrive at its present state. But where exactly is eMortgage today?
To refresh, eMortgage refers to the electronic completion of the entire mortgage documentation and closing process, including document generation, delivery, signatures, notarization, authentication, closing and validation.
In our previous blog, we discussed executing in the modern mortgage business. It is important to identify the right doc prep solutions provider who is capable of getting the software implemented exactly right, by deadline.
Lenders spend a lot of time and money selecting the partners and technologies to trust with their origination businesses. The stakes are high. From a compliance standpoint, vendor management is a significant concern. And then finding that a prospective partner who has made it all the way through the due diligence process doesn’t have what it takes to implement effectively can be very frustrating.
Last year, we took a close look at the state of eSign technology in the mortgage industry. While there are a number of eSign solutions on the market, we still saw gaps in the capabilities our lenders demanded. As more lenders move toward electronic closings, we knew the industry needed a tool that any borrower could use without the need for extensive customer support or proprietary software. As a result, Solex is a top-to-bottom redesign and modernization of Docutech’s existing eSign platform – the foundation that allows us to take eSign performance to the next level.
Regulatory changes have sent many lenders back to the market in search of technology services that can help them remain compliant. Because of the nature of many of the government’s changes, document preparation has become a critical component of every lender’s operation.
The constant onslaught of new regulations over the past six years has forced lenders to become more nimble when adapting to change and innovations. Compliance concerns are tightly linked to nearly every technology decision, whether related to documents, data integrity or reporting fair lending.
