Notarize has expanded its digital platform with new services that help title agents and lenders connect and serve buyers and sellers online, the company announced.
Notarize’s platform now includes three new products: Notarize for Title Agents, The Notarize Title Network, and The Notarize Smart Routing Service.
Notarize said its new offerings are already are being used by Stewart Title, ValuAmerica, Community Closing Network, Florida Agency Network and Commonwealth USA Settlements.
“Title agents play an essential role in every real estate transaction and there was an opportunity to build out our Notarize for Mortgage solution to meet their specific needs,” Notarize Founder and CEO Pat Kinsel said in a release. “Notarize for Title Agents and the Notarize Title Network empower agents with technology to serve buyers and sellers online no matter where they’re located.”
“The service is incredibly simple to use, enabling any agency to join. It’s also easy to integrate with the Notarize Mortgage API, enabling firms to connect their tools directly,” Kinsel said. “We’re connecting the data and the talent on our platform to help offer online closings to as many people as possible, and we’re eliminating scheduling headaches, travel, human errors, hundreds of pieces of paper, and related costs.”
Notarize for Title Agents enables agents to offer online closings to their buyers and sellers. Title agents can create their own online closings, whether for all cash transactions, or when sellers’ documents need to be executed online, the company said.
By joining the Notarize Title Network, agents can receive, review and administer lender orders for online closings. Agents can walk buyers and sellers through the closing package online and give the OK to close once the documents are finalized and the borrower is prepared to connect with a notary, Notarize said.
The company said the platform is free for title agents to register for and maintain access to. A fee is charged per transaction similar to the notary fee that often occurs in offline closings.
“At Commonwealth USA, we’ve been focused on better serving borrowers and lenders with technology. We know firsthand that the closing can often be the greatest source of frustration and delay in the mortgage process,” Commonwealth USA Settlements Chairman Joe Murin said. “Online closings is an important tool for title agents and lenders that will bring the industry into the modern era, providing the efficiency and convenience our clients expect.”
“We've dedicated ourselves at Commonwealth to operating at the highest security standards and believe that online closings with Notarize bring much needed transparency, auditability and a clear chain of custody to the entire closing process,” Murin added. “We’re proud to be on the leading edge of this new era with Notarize and are ready to serve lenders, buyers and sellers online.”
The Notarize Smart Routing Service helps lenders and title agents determine where online closings are available, which parties are eligible to participate, and which title agencies can support the closing. It also lets parties know who is available to insure an online closing, and which secondary market investors will purchase it, Notarize said.
“While the title industry has advanced in many ways over the years, what hasn’t changed is the way we ultimately close with the buyer and seller,” Community Closing Network CEO Michael C. Ridgway said. “Compared to so many other consumer experiences that have advanced through use of technology, our industry has been stuck in the ‘Stone Age.’ At Community Closing Network, we’ve worked hand-in-hand with Notarize for the past two years to help address the increasing consumer demand for the ultimate experience - fully online closings.”
“We’re excited to finally be able to join the Notarize platform to offer our customers the ability to close online at their convenience. This is an important step forward for the industry as we collectively move toward an advanced level of service,” Ridgway said.