ARLINGTON, Va.--(BUSINESS WIRE)--Notarize, the first digital platform for legally notarizing documents online, today announced the next iteration of the Notarize Mortgage Platform with a suite of new services that allow the entire industry to connect and serve buyers and sellers online. The platform features a stack of three new products: Notarize for Title Agents, The Notarize Title Network, and The Notarize Smart Routing Service, all of which address the critical role of the title agent in real estate and mortgage transactions. Stewart Title, ValuAmerica, Community Closing Network, Florida Agency Network, and Commonwealth USA Settlements, LLC mark the first title agencies to leverage the Notarize Mortgage Platform, making Notarize’s online closings available to hundreds of thousands of buyers and sellers across the United States each year.
“Title agents play an essential role in every real estate transaction and there was an opportunity to build out our Notarize for Mortgage solution to meet their specific needs,” said Pat Kinsel, founder and CEO of Notarize. “Notarize for Title Agents and the Notarize Title Network empower agents with technology to serve buyers and sellers online no matter where they’re located. The service is incredibly simple to use, enabling any agency to join. It’s also easy to integrate with the Notarize Mortgage API, enabling firms to connect their tools directly. We’re connecting the data and the talent on our platform to help offer online closings to as many people as possible, and we’re eliminating scheduling headaches, travel, human errors, hundreds of pieces of paper, and related costs.”
Notarize for Title Agents allows agents to offer online closings to their buyers and sellers. Title agents can create their own online closings, whether for all cash transactions, or when sellers’ documents need to be executed online. By joining the Notarize Title Network, they may receive, review and administer lender orders for online closings as well. Agents can walk buyers and sellers through the closing package online and give the OK to Close once the documents are finalized and the borrower is prepared to connect with a notary. The platform is free for title agents to register for and maintain access to; a fee is charged per transaction akin to the notary fee that often occurs in offline closings.
We charge per transaction, not for access, so agents can register for free and utilize the service only when they decide to.
"At Commonwealth USA we've been focused on better serving borrowers and lenders with technology. We know firsthand that the closing can often be the greatest source of frustration and delay in the mortgage process. Online closings is an important tool for title agents and lenders that will bring the industry into the modern era, providing the efficiency and convenience our clients expect,” said Joe Murin, Chairman of Commonwealth USA Settlements, LLC. “We've dedicated ourselves at Commonwealth to operating at the highest security standards and believe that online closings with Notarize bring much needed transparency, auditability and a clear chain of custody to the entire closing process. We’re proud to be on the leading edge of this new era with Notarize and are ready to serve lenders, buyers and sellers online."
To help lenders and title agents best understand the technology available to them and how they can take advantage of online closings, Notarize is now offering the Notarize Smart Routing Service. Lenders and title agents can use the Service to determine where online closings are available, which parties are eligible to participate, which title agencies can support the closing, who is available to insure it, and which secondary market investors will purchase it. The Service also ensures that no mortgage can be executed on the Notarize platform without the prior consent of any participant.
“While the title industry has advanced in many ways over the years, what hasn’t changed is the way we ultimately close with the buyer and seller,” said Michael C. Ridgway, CEO of Community Closing Network. “Compared to so many other consumer experiences that have advanced through use of technology, our industry has been stuck in the ‘Stone Age.’ At Community Closing Network, we’ve worked hand-in-hand with Notarize for the past two years to help address the increasing consumer demand for the ultimate experience - fully online closings. We’re excited to finally be able to join the Notarize platform to offer our customers the ability to close online at their convenience. This is an important step forward for the industry as we collectively move toward an advanced level of service.”
The platform will be opened to all title agents -- from local to large agencies -- to leverage Notarize and offer people the ability to click to close online at their convenience. To get started, Notarize will be onboarding title agents in a phased approach to ensure members are trained to the tools to offer a consistent experience for lenders, buyers, and sellers.
Notarize is the first digital notary public platform allowing any person or business to get their documents legally notarized online. Notarize is also the first company to enable an entirely online mortgage closing process. Founded in 2015, Notarize has helped tens of thousands of individuals and businesses (on every continent, except Antarctica) get documents notarized online. For more information, visit www.notarize.com.