Florida passed the legislation that allowed Remote Online Notarization (RON) in June, 2019 and was one of the four states where it was fully implemented January 1, 2020. With the implementation of RON, the mortgage and title transfer industries has entered the age of digitalization in Florida. Now, all the parties involved in a real estate deal can perform mortgage closing and title transfer formalities virtually without their physical presence.
The notary public must be physically in Florida while performing an online notarization, but the signer may be anywhere around the world. The notary and signer may perform the notarial act through online-video communication technology – in other words, a webcam. Integration with MERS registry digitalizes the entire process allowing lenders to generate eNotes that can be stored and transferred electronically. In fact, electronically signed and stored documents can be accessed anytime from anywhere and are considered as authentic as ‘wet-signed’ paper documents. For lenders in Florida, eClosing is the best tool to substantially reduce turn times on the secondary markets and at the same time provide exceptional customer service to their borrowers by ensuring less time wasted on underwriting process and cumbersome paperwork. The borrowers get access to funds faster.
Atlantic Title Firm is Florida’s first online title transfer platform. Having partnered with many leading mortgage lenders in the state, we have put in place a tried-and-tested eClosing process and are committed to helping Florida lenders in transitioning from traditional paper closings to fully online closing. We also work directly with buyers, sellers and real estate professionals including agents and lawyers.
eClosing at a Glance in Florida
Notaries are allowed to offer electronic as well as fully remote notarization in Florida. Electronic notarization is different from remote online notarization. In eNotarization, the docs are signed electronically but the signers and notary have to be physically present in the same room. On the other hand, there is no need for the signers to be physically present in a remote online notarization, also known as RON.
Electronic Notary (e-Notarization):
Remote Online Notary (RON):
Online notarization, mortgage closings and title transfers are going to be the industry standard in the coming years as they are a more secure and faster way of closing on a real estate deal. Notaries have to follow a set of stringent laws regarding verification of signers’ identity including keeping an keep an electronic journal of all notaries performed online as well as a backup for at least 10 years. Likewise, mortgage closing and title transfer using the MERS registry eliminates chances of human oversights and errors. It also makes the documents tamper-evident.
As an experienced eClosing platform, Atlantic Title Firm can manage and streamline all mortgage closing and title transfer formalities in Florida in a perfectly coordinated manner. Get in touch with us to learn how our solutions can make closing on any type of property seamless and faster.