By Rosemary Liuzzo Mohamed and Carly Clinton
A select group of lenders allow the use of remote notarization to conduct refinance closings. During COVID-19 some borrowers were self-quarantining and therefore unable to attend a traditional in-person closing for their refinances. Being able to conduct the closing through audio/visual mechanisms allowed our firm to continue closing transactions as scheduled while making sure safety was the number one priority.
The use of remote notarization comes from the NY Executive Order 202.7 dated March 20, 2020. Our firm uses a secure virtual platform and the entire closing is recorded and saved for compliance purposes. In order to comply with both the NY Executive Order 202.7 and the lender’s specific compliance regulations the below standards must be met during and after the closing:
Remote notarization may become the new norm for refinance closings. Only certain lenders allow for this type of closing at this time. During times of outbreak and self-quarantining, this method is an extremely efficient means for completing transactions and closing loans. Our firm represents many different lenders and can help serve your specific needs during times of uncertainty.