Notaries public perform services, such as witnessing signing of documents, on behalf of the state. Notaries are responsible for different duties depending on the state in which they are commissioned. Notarization of documents ensures their validity and prevents fraud. A notary identifies signers to eliminate impersonating parties, as well as ensuring that signings are voluntary. Notarized documents are required for loan applications, such as deeds, affidavits, agreements, or powers of attorney. Life milestones also call for notarial services. A notary may be required when completing the paperwork for a house purchase, adoption, marriage, or preparing a will.
Benefits: Notary 24 hours service
This type of online notarization goes beyond allowing businesses to operate continuously during a pandemic - it could provide benefits for customers and businesses in the future. A few of these benefits include:
Improvements in the borrower experience
You can meet a notary in person using the traditional method, but it can take time. Borrowers benefit from greater convenience when documents are notarized remotely. Borrowers can schedule appointments online so they can close at a time that is convenient for them. By doing so, they could have funds available sooner. Further, the notary 24 hours borrower can remain in the same digital environment throughout the entire process.
Informing users of errors
Using paper-based processes is easy to misunderstand, which can result in missing signatures. The remote online notarization method minimizes this possibility by flagging incorrectly filled-out fields. Taking proactive measures to correct errors can prevent delays.
Providing a more effective and secure way to prevent fraud
It is traditional for a notary to manually review the photo ID or passport before notarizing a document, which isn't always accurate. Online notarization provide an additional level of approval through identity credential analysis.
Creating a more sustainable process
Most notarization applications require tens to hundreds of pages of paper to be printed, so utilizing remote online notarization makes for more sustainable processes. Electrifying notarization would save approximately 2 billion sheets of paper if notary 24 hours were done all electronically.
Lenders save money and improve turnaround time with notary 24 hours
For lenders, remote online notarization offers a range of benefits, including increased efficiency. Now that notaries do not have to travel, they are able to certify more documents faster. Additionally, fewer errors can be made, reducing turnaround times. Including signing, notarizing, and closing documents, the closing can be completed in one day.
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