With many agents wondering how they can successfully and swiftly close their transactions in the middle of COVID-19, the National Association of Realtors (NAR) has sent a letter to congress urging lawmakers to include policy in coronavirus response legislation that would pave the way for remote notarizations.
This would help move transactions towards a 100% digital platform nationwide.
The Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020, also known as the SECURE Notarization Act, was introduced last Wednesday by a bipartisan coalition of senators.
Currently, only 23 states have remote online notarization policies – which permit a notary and a signer in different physical locations to safely execute electronic documents. However, some borrowers in these states are still unable to complete the transaction without an in-person notary.
The SECURE Notarization Act would create a safe, multifactor authentication that uses tamper-evident and two-way, real-time audiovisual technology to enable the signer and notary to see and hear each other simultaneously.
NAR Vice President, Vince Malta, explains, “As the nation and world grapple with some of the most difficult and uncertain circumstances of their lives, NAR continues working with the federal government to secure policy and promote public safety and protect this critical driver of our nation’s economy.
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