DocMagic and Secure insight announced on Friday launch a joint training program for distance online notarization (RON). The goal is to establish a trusted database of fully trained and certified notaries on DocMagic’s Total eClose platform.
Dominic Iannitti, CEO of DocMagic, noted that lenders growing need to hire well-qualified e-notarization professionals to work with and ensure transactions go smoothly and on time.
“Ultimately, this partnership creates a better RON process for lenders and borrowers, benefiting all users involved in the electronic closing process,” said Iannitti. “Lenders are currently operating at peak capacity with an influx of mortgage applications that they ultimately need to close as efficiently as possible in a large loan environment. Our new certification process will assure lenders that RON electronic fencing will be processed quickly and efficiently by a ready supply of knowledgeable electronic notaries. “
Iannitti said Secure Insight brings its own comprehensive national database of notaries to the training program.
“By joining forces, DocMagic delivers the technology and Secure Insight provides a single database and one-on-one training for notaries,” said Iannitti. Notaries who have been trained on DocMagic’s total eClose platform will be available as a resource for trainees.
Remote online notarization took steam in 2020, as businesses adopted remote signatures to adhere to social distancing protocols while shutting down mortgages and other loans.
“One of the main challenges in facilitating RON transactions is that lenders are reluctant to outsource the closing process to a notary who may be ill-equipped to effectively complete an eClose transaction,” said Andrew Liput, CEO of Secure Insight. “Teaming up with DocMagic allows us to identify properly licensed, experienced and trained professionals that lenders will feel comfortable leveraging to perform the specialized functions surrounding these unique transactions.”
Iannitti added: “There are a significant number of moving parts in an eClosing, and as a single source solution, we have a deep understanding of each one. We’ve eliminated all of the issues that plague other vendors – not only immediately after implementation, but in the long run as well. “
Trading in the virtual notary services space has increased amid the pandemic. In July, DocuSign acquired an Austin-based start-up Liveoak Technologies for $ 38 million in an all-stock transaction. Digital notary platform Authenticate also closed a $ 35 million Series C funding round in March, raising a total of $ 82 million through investments from a real estate venture capital firm Camber creek, Based in Boston Polaris Partners, and other existing strategic investors.