Digital mortgage platform SimpleNexus now supports remote online notarization (RON) through its eClose technology, the company announced Tuesday. It will also partner with Notarize in debuting RON to eClose.
It’s a big deal for lenders, who can now use the platform to complete fully-digital electronic closings on any web-enabled device — including a mobile phone, said SimpleNexus President Cathleen Schreiner Gates.
“In addition to improved borrower experience, eClose offers lenders substantial return on innovation with improved operational efficiency, greater data integrity and faster delivery of loans to the secondary market,” she said.
Currently, 32 U.S. states allow full eClosings. RON bills have also been introduced in several other states, and at the Federal level. In a RON eClosing, all documents are electronically signed and electronically notarized by a commissioned remote online notary via webcam.
“Remote online notarization is rewiring the closing experience for the digital era, making it simple, more efficient, and secure to close from anywhere, any time,” added Pat Kinsel, Notarize CEO. “In all market conditions, consumers are clamoring for the technology that streamlines closing.”
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SimpleNexus announced in January it picked up $108 million in a Series B funding round, as the company began increasing its marketshare within the eClosing and mobile mortgage segments.
“Our vision is to hone the entire home buying journey from the borrower’s first contact with a Realtor to the closing table and beyond,” Schreiner said following the funding.
Notarize announced earlier this month that it will allow independent notaries — of which there are 4.4 million in the U.S. — to utilize its software and platform for their own independent transactions. the software will be available to notaries in Washington and Tennessee in May, and the company said the other 29 RON-approved states will have access by the end of the summer.
“In 2020, we saw the need for digital tools that allow business and life to keep moving forward safely and securely, and we know that’s what notaries need now, and into the future,” said Ashley Spiess, Notarize senior director of operations and strategy. “The 4.4 million notaries in the U.S. are some of the most entrepreneurial, driven and diligent professionals in the country, and in-line with that, notaries are constantly looking for ways to expand their business, self-market, grow their income and build and strengthen preferred partnerships.”
Notarize estimates that there are 1.25 billion notarizations completed every year – including powers of attorney, beneficiary designations, real estate transactions and mortgages. More than 100 million notarizations require a seal and a signature each month.
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