RON

In-person notarization of electronic documents.

Remote online notarization of paper documents (delivered via mail, courier, etc.) with use of multi-factor authentication.

Remote online notarization of electronic documents with use of multi-factor authentication.

Remote notarization of paper documents via audio-video communication platform (Skype, Facetime, etc.).

An eClosing (electronic closing) takes place when some (or all) of the closing documents are signed electronically.

What is remote online notarization (RON)?
A remote online notarization (RON) happens when the signer is not in the same physical location as the notary. In a RON transaction, live two-way audiovisual technology (such as a webcam) is used to complete a notarial act in accordance with Chapter 406, Texas Government Code.

Both the signer and notary must access an approved RON platform where documents are uploaded. The technology must provide audiovisual capabilities set forth by Texas Statute so the notary and borrower can see and hear each other. Once the notary verifies the signer’s identity, the signer and notary both sign the document electronically, and the notary affixes an electronic seal.

Depending on the type of transaction or acceptance by the lender, the vendor compliant solution would be Notarize or Pavaso.

Electronic Mortgage (“eMortgage”): A mortgage loan where the closing documents – through a digital closing process that includes, at a minimum, the promissory note – are created, accessed, presented, executed, transferred, and stored electronically.

What is remote online notarization (RON)?
A remote online notarization (RON) happens when the signer is not in the same physical location as the notary. In a RON transaction, live two-way audiovisual technology (such as a webcam) is used to complete a notarial act in accordance with Chapter 406, Texas Government Code.

Electronic Note (“eNote”): The electronic promissory note is a transferable record that can be registered on the MERS eRegistry. A transferable record created in conformity with the requirements of eCommerce laws is the functional equivalent of a paper negotiable promissory note and is just as enforceable against the borrower as its written counterpart.

MERS eRegistry: Mortgage Electronic Registration System is a database created by the mortgage banking industry that simplifies the mortgage process by using electronic commerce. MERS tracks ownership and servicing rights of the mortgage loan promissory note. Your lender will register the eNote with the MERS eRegistry after it is eSigned and eRecorded.

Electronic Vault (“eVault”): An application used by the mortgage industry that serves as an electronic repository for delivery and storage of eNotes and other mortgage- related files. Using an electronic vault, mortgage originators, warehouse lenders, and servicers can perform key actions regarding the eNote including registration, delivery, and transfer of the promissory note.