The Wait for RON Goes On
Before Massachusetts mortgage borrowers get to use newly legalized remote online notarization, they’ll have to wait the rest of the year for state officials to create guidelines for these transactions.
Before Massachusetts mortgage borrowers get to use newly legalized remote online notarization, they’ll have to wait the rest of the year for state officials to create guidelines for these transactions.
Digital signatures have made signing the reams of transaction paperwork virtually painless. The ease of signing digitally, however, has created a whole set of different issues that agents, brokers, and lenders must monitor in order to keep their documents secure.
For much of the pandemic, homebuyers and other consumers who need to conduct notarized transactions have been able to do so virtually. Now, with that option set to expire by the end of the year, lawmakers and bankers are making a new push to keep the changes in place.
Gov. Charlie Baker and state lawmakers face a raft of loose ends they must tie up as the state’s COVID-19 emergency declaration is set to lapse June 15.
Stavvy, a Boston-based fintech that provides a digital mortgage platform, has launched electronic signature functionalities for mortgage closings.
When Josh Feinblum looks at mortgage lending five years from now, he hopes to see community banks and credit unions competing with larger institutions without having to go through extensive consolidation to make this happen.
Videoconferencing may be used by notaries public to accomplish important business transactions while avoiding face-to-face meetings during the COVID-19 state of emergency, under a bill signed by Gov. Charlie Baker on Monday.
The House of Representatives unanimously passed a bill Thursday that would legalize remote notarizations during the coronavirus pandemic.