MortgageOrb: A Nationwide RON Law Would Help Reduce Confusion
Mortgage lenders would be wise to keep a close eye on the passage of the SECURE Notarization Act of 2021, which would in essence establish a national standard for the use of Remote Online Notarization (RON).
The bill – a previous version of which failed to pass last year – was recently reintroduced in the U.S. Senate. Its approval is considered urgent by industry groups including the National Association of Realtors, the American Land Title Association and the Mortgage Bankers Association, as the use of RON for mortgage closings and other mortgage-related documentation has become increasingly prevalent during the COVID-19 pandemic.