Remote Online Notary covers only about 25% of a typical 150-page loan package because Wells Fargo, Bank of America, and Chase still require wet signatures for most documents. RON is useful for general notary work, but focusing on e-signings isn't yet profitable for most signing agents.
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Remote online notaries should not be confused with E signings. So because your state allows notaries to be done over the Internet does not mean that lenders allow their full set of loan documents meant to be signed over the Internet. Does that make sense? Now Ron is the first domino that needs to fall in order for a lender to do a complete signing on the Internet. But just because your state allows remote online notice doesn't mean Wells Fargo allows the entire 150 pages to be signed online. So again, remember, Ron is different than E signing. Did that make sense? Yeah. E signing means that all 150 pages of a loan document set can be signed over the Internet. Ron just means the notorious part of that done on the Internet.
Does that make sense?
That makes sense.
What you need to pay attention to, Deb, is E signings. So when you see on the news.
Wells Fargo allows electronic sightings. Now you go, okay, I need to.
Figure out how to get off E signings.
Does that make sense? Ron just means remote online notary. So if there's 150 pages of a loan signing, the five notary pages could be done over the Internet, but the other 145 still require a wet signature. Does that make sense?
Got it, got it.
Now again, just to reiterate so everyone understands, this is the remote online notaries.
Was the first thing that needs to.
Happen in order for E signings to happen. So now lenders are trying to figure out, okay, now that states allow. Ron, should we do and allow E.
Signatures of all our loan docs?
That has not happened yet. Now that makes sense.
Right?
Right.
Okay, now I'm going to end with this.
There's a handful of very small lenders.
Who do allow E signings. However, because there's a small percentage and not a wider percentage, then it doesn't really make sense to go after the E signing market because so many lenders still want the wet signatures that I teach or that anyone teaches.
So remember Ron and E signings, two different things. Remote online notary right now is really good for general notary work opportunity, not loan signings because Wells Fargo, bank of America, Chase, etc. Etc. Hasn't allowed for all of the loan documents to also be each signed. So just because your state allowed remote online notaries, okay, that's like 25% of what needs to be accomplished in order at a signing agent to go complete E closing or E signature. Does that make sense?
That makes sense. Got it.
Okay, cool. And I'm going to end with this. You. I do not take it lightly. So the day that E signings or E closings, those are interchangeable words, E signings or E closings happen, I'm going to tell you exactly what to do in order to get that business. Because remember, I own a signing service that does seven figures. The moment my personal business shifts, I then need to teach everyone else because I'm going to shift personally. The reason you take my course is because I'm in the trenches with you guys. The moment my business gets affected by E signings or E closings, then I will need to learn it myself, apply it to my business, and then I.
Will teach every single student of mine how to do E closing, E signatures.
