ALTA Vendor Survey Shows 547 Percent Spike in RON Use
December 8, 2020
The use of remote online notarization (RON) has increased 547 percent this year when compared to 2019, according to a survey ALTA conducted of vendors that offer this technology.
This increase can be attributed to heightened demand for RON during the COVID-19 pandemic, coupled with the fact that 29 states have passed permanent laws authorizing the use of RON.
Today, RON is being utilized most extensively in Florida, Texas and Virginia. Additionally, use of this technology is trending up significantly in Midwestern states. A decade ago, Virginia became the first state to enact a RON law. Texas approved RON legislation in 2017. Adoption of RON in Florida has been rapid since the state passed legislation in 2019, the survey found.
Notarizations are used extensively in real estate transactions on documents like deeds, mortgages, lien releases, and frequently for home equity loans. Many RON providers focus their business exclusively in this space. While RON provides homebuyers a convenient experience and can be used to execute a fully digital mortgage, this technology is also utilized for affidavits, powers of attorney, living trusts and advanced health care directives. Firms offering remote notarizations to a broader base of customers indicate 75% of their business is non-real estate related. Being able to remotely notarize documents during the pandemic—whether real estate or not— has been critical to keeping people safe and promoting social distancing.
Looking for a title or settlement company that offers RON? Earlier this year, ALTA announced its Title & Settlement Agent Registry (ALTA Registry) can now identify title and settlement companies that can perform RON closings. Closing companies that offer RON will be designated with a small graphic icon, making them easy to identify in the ALTA Registry, which is also fully searchable.
Contact ALTA at 202-296-3671 or firstname.lastname@example.org.