With RON, borrowers save valuable time and have a more convenient experience. It also helps lenders accelerate the loan closing process and transfer loan funds quickly.
RON uses technology to capture a more robust record of the transaction. This includes advanced identity verification methods such as knowledge-based authentication, credential analysis, and remote ID presentation.
What is a RON?
RON is a legal process that allows online Public Notaries to use audiovisual technology to witness the signing of documents in a digital environment. This technology helps eliminate the need for physical copies, reducing paper waste and carbon emissions while aligning with sustainability goals for businesses today.
In addition, a RON software platform can help verify signer identity credentials by running government IDs against official databases and providing knowledge-based authentication. Ultimately, this helps to protect consumers and lenders alike.
The best RON solutions offer multiple means of verification, tamper-sealed transactional documentation, and secure meeting links while complying with state laws and industry standards like data privacy. Additionally, a top-performing RON solution will also support the synchronization of documents and provide the option for multiple notaries to collaborate asynchronously on transactions. This will make for a smoother, more transparent experience for everyone signing the document.
What are the benefits of RON?
RON provides numerous benefits to both consumers and professionals. It allows homeowners to sign their mortgages electronically, expediting the closing process and making it more convenient for both parties. It also speeds up the approval of auto title transfers, and insurance claim deeds. Moreover, it allows attorneys to notarize affidavits and motions in court cases or other legal proceedings.
Lastly, it helps expand the geographic reach of notaries by allowing them to meet with signers from anywhere in the country and, in some cases, even internationally. RON relies on interstate recognition (the promise by states to recognize documented transactions and official notarial acts conducted in other jurisdictions) to make this possible.
Additionally, RON platforms offer notaries backup support and recording of audiovisual sessions for added peace of mind. Moreover, notaries using RON can schedule appointments at any time of the day without leaving the comfort of their home or office.
How do I become a RON?
To become a RON, you must complete any remote-specific training or testing your state requires. You also need to find a RON technology platform that meets your state’s specific requirements, including the ability to verify signers using secure identity verification and audiovisual communication technologies. It would help if you also got a surety bond and errors and omissions insurance to protect yourself from costly mistakes.
Once you have the right tools, you can perform RON acts for your clients. RON can be used for various document types, including affidavits, motions, and deeds. It can also be used for real estate closings, reducing the need to travel to in-person appointments. This helps minimize business expenses and improve security by eliminating the risk of physical contact. This allows you to offer your clients a more convenient and customer-friendly experience while making more money. You can even charge extra fees like a technology fee for using your platform and pre-tagging fees for document preparation to increase your profits.
How much does RON cost?
RON provides an affordable, flexible, and smarter way to notarize documents. Since the first Notary-to-Notary virtual document signing was conducted in 2011, more than 37 states have embraced RON.
Using RON, Notaries and signers can connect online through audio-video technology, allowing the notarization virtually anywhere state laws allow. Notaries can save time, money, and travel by eliminating the need to meet in a physical location for the notarization.
Executing a power of attorney documents or establishing trusts can be lengthy and complicated, so RON can help speed up these processes.
The costs of becoming a RON can vary depending on your chosen platform. It is essential to choose a reputable company that complies with your state’s regulations and upholds best practices in the industry. You must also invest in a computer, microphone, and secure internet connection. You will be ready to start earning once your equipment is set up!