Remote online notarization (RON) has been getting a lot of traction since COVID became the impetus to push RON legislation forward across the country.
The industry segment that has been the biggest beneficiary has been the homebuilders, who often find themselves dealing with homebuyers trying to close on their new home from a remote location.
Still, it hasn’t always been an easy road to navigate, as homebuyers who are technology averse have been a little shy about adopting this online closing process.
For builders who understand the advantages of this amazingly secure and streamlined process for closing quickly and efficiently on their new builds, here are a few things to keep in mind as you work with RON closers.
Choose Wisely
Not every company who offers RON closings offers the necessary level of service to put your customers at ease.
When you are vetting a potential RON provider, make inquiries about their protocols for educating the client about the process, and also what steps they take to reassure the signers that they will be with them every step of the way, providing explanations of every detail of the transaction just as a notary would if they were in person.
RON should not just be about convenience and speed, but about supporting the homebuyer step by step through the process, and as the homebuilder, you will want to offer this service to your customers with confidence that they will enjoy maximum assistance and transparency in the process.
Verify Document Delivery and Integration
One of the advantages of RON is that it can integrate seamlessly with the title company and lender platforms, but it’s critical that you verify this is the case with the RON provider you choose.
What If…
Many things can occur to short circuit a closing and you must be assured that your RON provider is prepared for all contingencies. One of the most important things to know in advance is how the provider intends to address a failure of the Knowledge-Based Authentication (KBA) protocol.
Of course, fraudsters can be the cause of a KBA failure, but even legitimate users can fail due to incorrect public records, memory issues, or technical glitches like browser timeouts.
Typically, the RON platform automatically notifies relevant parties – for instance, the title agent or closer – about a KBA failure, which triggers a reset of the closing. Unfortunately, if the provider is unprepared, this could mean a complete rescheduling of the closing which could cause harmful delays.
At Network Transaction Solutions (NTS), we have addressed this issue by ensuring our mobile closing team immediately dispatches a notary for a live, paper signing so no deal is forced into an untenable delay.
NTS has long been deeply embedded in the real estate industry. We are not just a service provider to our clients but consider ourselves a partner in your success. When it comes to RON closings, we move beyond simple execution to offer strategic collaboration through consultative services that streamline operations and ensure compliance.
Contact us today to learn about the many resources we offer to help you grow your business.