Pavaso, which offers digital mortgage closing solutions, recently facilitated the first remote online notarization e-closing in Tennessee, which recently passed a law allowing for remote notarization.
The Online Notary Public Act, passed July 1, makes Tennessee the sixth state to permit remote online closings.
Remote online closings typically include e-notarization, which is essentially a method for recording transactions using two-way audio-video technology.
Remote online notarization sessions are recorded, and the identity of all signatories is verified through a photo ID and knowledge-based authentication technology.
Closing agent Joseph Kirkland, senior underwriting counsel with Closetrak Title and Closing in Memphis and president-elect of the Tennessee Land Title Association, helped facilitate the e-closing.
“Pavaso is an outstanding product that made this closing much more convenient,” Kirkland says in a release. “My clients are missionaries in Uruguay who were having trouble scheduling a consular officer to notarize documents at the embassy. Using this technology saved weeks of waiting. Thanks to the new remote online notarization law and Pavaso, I was able to close the transaction and notarize documents at my office here in Memphis, while the sellers participated from their home in Montevideo.”
As Pavaso notes in its release, existing Tennessee notaries must apply for and receive approval from the state before performing RON.
Before applying, notaries are required to contract with a third-party vendor that will provide the technological support necessary to expand their services online.
While the state does not endorse vendors, Pavaso was the provider of choice for the first notaries to have their applications approved.