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What is PRON? How is it different than RON?

Since the onset of the COVID-19 pandemic, the use of RON has boomed and has proven very useful for execution of seller documents, e.g. deeds and affidavits. However, many lenders still insist that their loan package be ‘wet-signed’ i.e. signed by ink. This has resulted in frustrations for buyers-borrowers who are house-bound and cannot meet with a traditional notary.
In response to this circumstance, The Fund issued a bulletin, detailing a process that it has approved, called Paper Remote Online Notarization (“PRON”). Please review the bulletin for details, but the process involves an online notary affiliated with the issuing-agent utilizing an Old Republic Title-approved RON service provider to first ID credential and KBA-prove the signer (as per the traditional RON process); from there, it allows the online notary to watch the signer wet-sign the loan documents and take the signer’s acknowledgement, all while recording the signing session as per the usual RON process. The signer will then overnight the wet-signed loan documents to the online notary for the affixing of their signature and stamp/seal and recording in the traditional manner.