As the coronavirus ushered in a mass shift to remote work, more and more mortgage and housing companies adopted digital processes to maintain business continuity.
This rapid change buttressed a "monumental shift in mindset," Nate Baker,
With all the technological catch-up,
"The real estate industry looks very different than it did just three months ago, and it will likely look very different in the next three months as we see remote work and
"These results suggest that real estate professionals are settling into new routines for conducting business, whether they're contactless in-person, digital or hybrid options," he added. "Notably, a large majority of respondents remain interested in remote online notarization options, indicating that RON is
Remote notarization — either virtual or wet-signature — represent a chief piece of the lending's fully digital pie. In May, Qualia
"We have seen numbers rise and some unique situations with borrowers stranded in other countries so RON has helped tremendously," Paul Anselmo, CEO of Evolve Mortgage Services, said in a statement to NMN. "However, where we thought we were headed in March and where things actually ended up are vastly different. While there has been an overall increase, the rate of [industry-wide] adoption for complete paperless closings is disappointing."
Evolve teamed with Pavaso, a digital closing platform offering RON technology, in late March.
While remote notarizations might still not be mainstream yet, servicers could bring the second wave of adaption, Tim Anderson, SVP of business development and corporate strategy at Pavaso, said in an interview. With
"It took two months to get more adoption than in 20 years for e-sign because the coronavirus forced change," Anderson said. "I've never seen bills passed so quickly. Legislators from many different states who can't agree on anything, passed the emergency RON laws. That's what I see as most important. RON adoption isn't easy, there are restrictions and implementation challenges. The ones that get it, will thrive. The ones that don't want to change will lag and might not survive."