May 12, 2020 – Message to lenders: While I truly do appreciate when you reach out for advice and guidance on 'all things vendor,' there's not a lot anyone can do to get your title, settlement and closing vendors to immediately deploy Remote Online Notarization (RON) on all of your loan files. You are likely as guilty as they are for not getting on the RON train before the Coronavirus hit – making RON more popular than a roasted turkey leg at a tractor pull. And, in defense of title companies, its all about demand, and lender's had not gone there en-mass... until now.
There is no magic wand, and no need to replace your vendors for this specific reason alone.
The chances are very high that you do not fully understand the monumental effort involved in getting yourself ready, much less engaging all of the other parties within your supply chain of closing loans – your staff, notaries, closing attorneys, title and escrow vendors... and several other interested parties. One minor change to your process has a rippling effect. Deploying RON is not minor, its MASSIVE.
Like navigating a ship in the North Atlantic Ocean, there are icebergs dead ahead. What you see on the water's surface is nothing in comparison to what lies beneath.
See our related article published by our friends at MBA NewsLink, titled, "Remote Online Notarization – Navigating the Icebergs" You can find the article HERE
In the article, we share insights from several different stakeholders in the RON process, including the National Notary Association, MISMO, a national title company and a New York real estate attorney firm.
Of course, we do live in the mortgage ecosystem, so nothing like a crisis to birth another much-needed acronym to learn... "RIN" (Remote In-Person Notarization). In the article, we explain the difference between RON and RIN.
The article will also help you:
- better understand the scope of effort involved in deploying RON
- read some lessons learned from others
- define an approach to proceed with RON deployment, setting you up for getting high on the prioritization list to be deployed
There are a ton of moving parts. Should you need some consultant expertise to lead your readiness review and deployment project, do reach out to me. I will introduce you to very capable resources.
Thanks for reading.