Notarize, an online notary platform that completed the first online closing in the country, has powered the first online closing in Minnesota along with partners Redfin, Westcor and TitleOne. On a day when wind chills in Minnesota reached 55 degrees below zero and UPS was closed for safety reasons, a California home buyer used a Virginia notary to close on their home less than a month after Minnesotas remote online notarization law went into effect.
Weve been fortunate enough to join forces with some amazing partners like TitleOne and Redfin Mortgage who are ushering in online closings across the country, said Notarize CEO Pat Kinsel. Doing the first online closing in Minnesota is just another step towards our vision of anyone using their phone or laptop to close on the home of their dreams, no matter where they are.
News organizations in Minnesota reported that plows were breaking down as snowfall and icy conditions hindered travel. Any paper closing packet would have been delayed with postal delivery services being cancelled. The compounded effect of this would mean that the loan would have taken longer to reach the secondary market, delaying the home closing by a week or more.
With remote online notarization, this process can happen within hours. You no longer have to leave your home and brave the elements to physically sign documents.
In weather situations like this, eClosings are the only way a home can be closed on, said Kevin Leurig, a Redfin Mortgage Senior Closing Agent. In northern states, title companies can now be productive in the winter, and even better, homeowners and buyers can close where and when they want to. Its true convenience in the 21st century.
Notarize just recently completed its thousandth online mortgage transaction, and partnered with Redfin Mortgage to deliver one of fastest loan fundings in the industry, helping new parents purchase their first home in less than two hours. Notarize is live in 49 states today and opening its platform to notaries in states that have passed legislation. Five more states are scheduled to implement remote online notarization in 2019 – Michigan, Tennessee, Indiana, Vermont, and Ohio – and another 20 states are expected to introduce legislation.
About Notarize Notarize is the first platform to empower thousands of people each day to sign and notarize documents online. From adopting a child to buying a home, Notarize builds trusted products and services that support life’s most important moments. For more information on our mission, visit notarize.com.
Director of Marketing, Notarize