Remote Online Notarization has not proven helpful when loan documents must be signed. Most lenders require wet-signed Notes and in many situations, do not allow any loan documents to be signed electronically. This has forced many title agents and borrowers into some form of face to face interaction between borrower and a notary, a situation that is not ideal under the current COVID-19 pandemic.
To facilitate closings and keep agents, their staff and their customers safe, The Fund/Old Republic has approved a process for allowing the acknowledgment of paper-signed documents by a registered online notary using a RON platform. We believe this approved procedure will provide greater flexibility to you, our agents, and the parties to the transaction that must sign documents.
The Fund/Old Republic will authorize the issuance of title policies on Florida properties in reliance upon documents notarized consistent with the following conditions and procedures. Any deviation must be approved by underwriting.
- The transaction must be for an amount not to exceed $3,000,000. Transactions over $3,000,000 must be approved by underwriting.
- This notarial practice is approved for the issuance of an Old Republic policy until amended or retracted by a supplemental bulletin.
- The use of this procedure must be consistent with the Lender closing instructions.
- Written authorization for the use of these procedures must be obtained from the Lender. Authorization from the person signing the documents (“principal”) must also be obtained, which can be documented in the recording of the notarial session.
- One of the following vendors must be used to facilitate the notarial act: Pavaso/Essential Notary; NotaryCam; Notarize; DocVerify. FaceTime, Skype and Zoom are NOT acceptable devices for the taking of acknowledgements under Florida law.
- The notary taking the acknowledgment must be a registered online notary under Florida law. A non-online notary cannot acknowledge documents under this procedure. The online notary must be affiliated with the title agent.
Procedure to be followed:
- Paper versions of the documents are sent to the principal via overnight delivery or regular mail. Alternatively, if documents are sent electronically, they must be printed by the principal prior to the online session and signing.
- The documents to be signed are uploaded to the RON platform for review prior to and during the signing.
- At the pre-arranged time, the principal signs onto the RON platform and undergoes the required identity proofing and credential analysis. If they pass, then live connection is made with the online notary.
- The online notary goes through each document with the principal and verifies the paper document being signed is the document being reviewed on the platform. The online notary should be able to view the signing of the documents and get verbal verification from the principal that the principal is signing each one.
- After all documents are signed, the principal must place all documents in a sealed, overnight envelope in the presence of the online notary or provide other acceptable assurances that the documents will be returned to the online notary via overnight delivery. The original executed documents containing the wet signatures must be returned to the online notary via overnight delivery for certification and execution by the online notary and the affixation of the official stamp or seal. The date entered by the online notary shall be the date of the wet signature of the principal.
- The original wet signed documents are transmitted to the Lender and the original wet signed mortgage is forwarded for recording as per the lender’s closing instructions.
- Disbursement cannot occur until the title agent is in physical possession of and has notarized the original fully executed documents.
- The acknowledgment must show that it was accomplished online and the video of the signing must be retained for the statutory period.
This procedure is an implementation of Florida’s existing RON statutory provisions, designed to both streamline the process by eliminating the requirement to tag documents and to safely deliver wet signature documents per most lender’s closing instructions. Its use is limited to persons with a social security number and transactions where principals without a social security number are personally known to the online notary.
Please direct any questions you may have regarding these procedures to underwriting.