SALT LAKE CITY, Utah — IDS Vice President and General Manager Mark Mackey today commended the Mortgage Bankers Association (MBA), American Land Title Association (ALTA) and National Association of Realtors (NAR) for the groups’ development of a draft model remote online notarization (RON) executive order to bring consistency to the various temporary measures non-RON-approved states have issued as a result of the COVID-19 pandemic.
“The challenges of conducting in-person real estate closings during the pandemic have certainly highlighted the need for a legal, remote option for document notarization, and while states have done their best to create temporary solutions to address this issue, the mortgage and real estate industries can still greatly benefit from better standardization across these temporary orders,” Mackey said. “As the three groups representing the interests of the major players in the real estate transaction – mortgage lenders, title/settlement companies and real estate agents – these entities are uniquely suited to craft a model that addresses the specific challenges of implementing RON for real estate transactions, and on behalf of IDS, I would like to extend my sincere thanks to these groups for addressing this issue head-on.”
As noted in a July 1 article in MBA NewsLink, the MBA’s official electronic publication, “The model executive order, designed for use by state governors, proposes legal protection of remote notarizations to preserve the public’s health and well-being in light of COVID-19. The order emphasizes use of electronic documents and virtual communications to satisfy the legal requirements of notarizations.” The draft model also seeks to provide greater legal certainty for mortgage transactions conducted using remote ink notarization (RIN), which many states opted to approve in their respective temporary authorizations rather than RON.
“While RON is certainly the preferable of the two methods, it is easy to see, in light of the larger implementation hurdle RON presents, why states would opt for RIN in their initial round of temporary measures,” Mackey added. “However, states should view RIN as just that – a temporary measure to help address immediate concerns – while also committing to the goal of putting the legislative mechanisms in place to make RON the long-term solution.”
For more information on the draft model RON executive order, visit the MBA RON Resource Center at https://www.mba.org/audience/state-legislative-and-regulatory-resource-center/remote-online-notarization.
About IDS, Inc.
IDS, a Reynolds and Reynolds company, was founded in 1986 in Salt Lake City, Utah, and is a nationwide provider of mortgage documents and compliance. IDS services include eSignatures, closing documents, initial disclosures, document fulfillment and integration with leading loan origination systems and eClosing platforms. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs, particularly in regard to major industry compliance changes. (https://info.idsdoc.com/)
Related link: https://info.idsdoc.com/
This news story was published by the Neotrope® News Network – all rights reserved.