Everyone is excited about Remote Online Notarization. Did you know there are other types of digital notarizations? All of these offer tremendous value to the signer. While the opportunity to perform these transactions is still limited — even for the most forward-thinking and prepared notary —. If you’re ready to become an online notary, we suggest learning about these two forms of signings: Hybrid and IPEN.
Here’s what you need to know.
Remote Online Notarization
In a RON transaction, the signer appears before the notary via audio/visual technology instead of being physically present with you in the same room. The documents are electronic. The signer and notary sign digitally, and the notary affixes a digital seal.
Each state has different technology requirements, and some states, like Florida, Nevada and Ohio, also have additional training requirements before you can perform remote notarizations. To find out what your state requires, visit your Secretary of State’s website or look on the National Notary Association’s page Notary Law Updates By State.
So should you put all your chips into RON right now? In our opinion, no.
RON is the next big thing, but it won’t happen overnight. Many consumers aren’t prepared, technologically or emotionally, to have their sensitive documents notarized remotely.
In 2020, the area where signing agents and notaries need to be most prepared is with IPEN and Hybrid Signings. Both incorporate technology into a face-to-face notarial act and provide similar advantages to RON in terms of speed to funding and high-touch customer service.
- Hybrid (eClosing)
Hybrid signings, also called eClosings, require the physical presence of the notary and signer and entail a combination of wet and digital signatures. Consumers can digitally sign nearly all loan documents digitally while several must be hand-signed in the presence of the notary.
Hybrid closings offer many of the same advantages of as a RON — cost savings, better security, authenticity, and document integrity — but require far less technology. All you need for a hybrid closing is an underwriter who will insure the transaction and a county clerk that will accept eRecordings.
- IPEN Signings
An IPEN (In-Person Electronic Notarization), sometimes called an eNotarization, means the consumer signs all loan documents in the presence of the notary on a mobile tablet or laptop. An IPEN signing is similar to a hybrid closing, but there are no wet signatures. IPEN signings are less susceptible to delays and mistakes because the closing package cannot be submitted unless all the signatures are completed.
All elements of a traditional, paper notarization are true with IPEN signings. You seal may be placed on the electronic document as a graphic, though state laws vary in this regard.
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