Realogy's RON mortgage closings triple over first half of 2020
From Ginnie Mae to Black Knight, industry players across the spectrum augmented their e-note capabilities in the past months, giving the product more ubiquity. Currently, 37 states approved remote online notarization and the outstanding 13 offer hybrid options.
The pandemic has pushed RON usage from the periphery thanks to social distancing measures. Lenders already offering RON services reported that they saw surges in volume while the others adapted as quickly as possible.
Realogy Title Group reports that it completed more than 1,600 RON transactions during the first six months of 2020 compared to just over 500 through the entirety of 2019, according to a spokesperson for the company.
"We have seen particularly strong demand for RON in Texas and Florida in recent months, as well as increased popularity among corporate relocation businesses," Donald Casey, president and CEO of Realogy Title Group, said in a press release. "As virtually every household and business has been forced to change behavior and operations, digital solutions that provide agility and flexibility are critical to closing deals."
Realogy uses Notarize as its RON platform. It invested in the Boston-based provider of electronic notary services through a round of funding in May 2018.
"Realogy's full stack from home search, to agent collaboration, mortgage lending, and title allow them to transform how homes are bought and sold," Pat Kinsel, CEO of Notarize, said in a statement to NMN. "They're investing aggressively in their technology and have the scale to help Notarize finally move the real estate closing completely online."
With Realogy and its other partners, Notarize is on pace to close $100 billion in mortgage volume over the next 12 months, Kinsel said. Back in the second quarter, Kinsel reported the fintech's revenue spiked 400% quarterly and 1000% annually.
While five companies wait on the certification process, Notarize is only one of four MISMO-certified RON providers.