RUTH RUHL, P.C., Improves Efficiencies and Reduces Costs for Loss Mitigation Transactions with NotaryCam
Company
RUTH RUHL P.C. is a Dallas-based law firm serving residential mortgage lenders and mortgage servicers, providing the highest quality in document preparation and exceptional customer service. Established in 1999, the firm provides services that include title review and fulfillment, loan origination, document review and loss mitigation documentation, performing an average of 150,000 transactions per year. The firm provides loan origination and document review work in the Texas residential market and provides national loss mitigation documents and title fulfillment services in all 50 states.
Problem
As with most real estate transactions, loss mitigation is both staff- and supply-intensive, requiring a large amount of paperwork to be printed, reviewed, signed and shipped.
“It’s been common and customary in the mortgage servicing industry to print the documents and insert bright color pages in certain places to make sure the borrower signs accurately and the notary acknowledges accurately,” explained Ruth Ruhl, president of RUTH RUHL, P.C. “Then, my team sends the document packages in an overnight package for the borrower to sign in front of a notary. The borrower must make an appointment with a notary, leave their home or take time off from work to sign the documents. It’s a very timely and cumbersome process.”
Anticipating an industry announcement allowing for the use of remote online notarization (RON) for loan modification agreements, Ruhl began looking at RON providers who would meet the firm’s future needs.
Solution
During her research, Ruhl was introduced to NotaryCam Division President Rick Triola and immediately connected with Triola based on their shared approach to customer service, transparency, honesty and integrity. Ruhl’s needs for a RON platform mandates industry-leading technology, ample experience, excellent customer service and a highly respected industry reputation. Recognizing those qualities in NotaryCam, Ruhl approached Triola with her ideas for using RON for loss mitigation transactions and engaged in a strategic partnership between RUTH RUHL, P.C., and NotaryCam.
“Rick and I work very well together,” continued Ruhl. “It’s been a success, and it will continue to be a great success in this industry.”
In reviewing NotaryCam’s platform, Ruhl was impressed by its stability, the proactive approach to troubleshooting and the experience gained from being the oldest RON platform in the mortgage and real estate industries.
“NotaryCam has done over one million transactions, which means they’ve seen it all and been through it all,” Ruhl said. “So, they can address issues before issues occur, and that’s what impressed me – the depth of their knowledge, the notary network and the training they provide their notaries.
“First impressions make an impact. After my first demo of NotaryCam, it was evident the platform was concise and intuitive. I knew the strategic partnership would be a great fit,” continued Ruhl. “The NotaryCam team is great. We both have that sense of urgency that everything should have been done ‘yesterday’.”
Thanks to Ruhl’s planning, RUTH RUHL, P.C., and NotaryCam had ample time to get up and running. Working together, programmers from both sides built an application programming interface (API) to make everything secure and compliant.
“The testing took a little time, but that was okay simply because, at that time, eSigning and eNotarization were not ‘hot button’ issues in the servicing industry for loss mitigation,” Ruhl explained. “Once Ginnie Mae approved eSigning and RON for loan modification transactions, that’s when the buzz got out. Clients became interested and, we were ready to go.
“Initially, we took our time during the onboarding process to make sure it was done right,” said Ruhl. “I knew once there was a demand, we would be able to handle it, and we have.”
Results
Today, RUTH RUHL, P.C., uses NotaryCam’s RON platform for as many loss mitigation transactions as possible, including loan modifications. Since implementing NotaryCam’s RON services into its loss mitigation transactions, RUTH RUHL, P.C., has seen a reduction in turn times and costs.
“Using NotaryCam for a loss mitigation allows us to reduce our average turn times from 21 days to 7 days and save our clients conservatively $42,000 a month,” Ruhl said.
In addition to improving efficiencies, Ruhl has received positive feedback from her clients.
“The clients love the bulk signing process because it’s quick and efficient,” stated Ruhl. “And I haven’t heard of any complaints from the borrowers. Believe me, I would know if there were any because I monitor this very closely to ensure it’s a great experience.”
Working with NotaryCam has allowed Ruhl to serve her clients better and reduce internal stresses.
“NotaryCam is flexible. They’re available 365/24/7 anywhere in the world,” said Ruhl. “What more can you ask for? You can go to work all day, come home, eat dinner, sit down and sign your loss mitigation documents. And there you go. It’s very simple and convenient.”
“The team lead in my shipping department just smiles from ear to ear every time I walk in and tell her another client is on board with RON,” Ruhl continued. “The process we created to upload the documents through the API to NotaryCam makes it very quick, simple and user friendly. She loves it. It’s just very efficient.”
After experiencing the benefits of using RON and seeing the positive way her clients and their borrowers have responded to the process, Ruhl looks to use NotaryCam whenever possible.
“As far as our experience with NotaryCam, I look forward to the future,” Ruhl stated. “I think it’s probably one of the smartest things I’ve done in my career, and I’m so proud of the work we’re doing together. I can’t wait for it to grow and grow and grow. And it will. I have no doubt.”
About NotaryCam, a Stewart Company
NotaryCam, a Stewart-owned company, is the leader in online notarization and mortgage eClosing solutions, having notarized documents worldwide for hundreds of thousands of customers in all 50 states and more than 146 countries. The company’s eClose360® platform delivers the “perfect” online mortgage closing in every jurisdiction and supports all eClosing scenarios – RON, IPEN or Hybrids – with a flexible workflow for document recording and unparalleled identity verification, security and customer convenience. In addition to real estate transactions, NotaryCam provides RON services to many Fortune 500 companies as well as small and midsize businesses and includes the execution of electronic wills (eWills), legal docs (e.g. power of attorneys) and Apostilles. The company also proudly maintains an industry-leading 99.8 percent customer satisfaction rating and the highest Net Promotor Score (NPS) amongst the best global tech brands.
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