One of the most remarkable mortgage technology developments in the past couple of years has been emergence of Remote Online Notarization as standard operating procedure. And the industry has Rick Triola to thank for that.
Through Triola’s tireless educational efforts (along with effective work at the state level by MISMO, the Mortgage Bankers Association and the American Land Title Association), more than half of all U.S. states have a RON law in effect. Many of the nation’s largest title insurers have begun issuing policies for mortgage transactions executed via RON, thus vastly reducing two of the largest hurdles to conducting digital mortgage closings.
“It’s exciting times,” Triola told MBA NewsLink. “Most of us have been waiting a couple of decades for this to happen. Now, we’re exploding. That is music to my ears.”
If Triola’s name sounds familiar, that’s because he’s won this award before—in 2017, when MBA recognized his work with eClosings. Triola is founder and CEO of NotaryCam, Newport Beach, Calif., whose eClose360 platform securely brings together closing documents, signers and National Notary Association-certified notary signing agents through an online interface for real estate closings.
Having conquered one part of the eClosing experience, Triola set his sights on another aspect—RON. He said even as the mortgage industry became increasingly sophisticated about mortgage technology in recent years, it remained primitive in many aspects of the end-to-end lending process—particularly remote notarizations.
“There are countless arguments that have been made regarding why lenders should embrace remote online notarization, but in my eyes it all boils down to a few questions every lender should be asking themselves,” Triola said in a recent NewsLink op-ed. “How do I make it more convenient for my borrowers to do business with me? How do I fully realize the benefits of an eClosing? How can we increase loan officer referrals?”
At its core and in the simplest terms, Triola said, RON delivers “security, convenience and quicker closings. RON provides borrowers with the flexibility and convenience to close whenever and wherever they want. Borrowers feel that is 99% of their loan can be completed online, the closing should be digital as well.”