National Association of REALTORS® Approves Remote Notarization Policy
At the 2018 REALTORS® Conference and Expo in Boston earlier this week, the NAR Board of Directors approved a policy that supports the adoption of remote notarization laws, regulations, and standards. As part of this effort, NAR will work with interested groups and federal agencies to actively facilitate remote online notarization adoption across the mortgage ecosystem.
Given that over 1 billion notarizations occur in the United States each year, this is an important step towards bringing these transactions online.
The announcement follows a letter to the National Association of Secretaries of State from NAR President Elizabeth Mendenhall this past February, which cited flexibility and greater integrity through enhanced security as benefits of widespread remote notarization adoption.
NAR is the latest organization to voice support for widespread remote notarization adoption. In July, the Department of the Treasury released its Report on Nonbank Financials, Fintech, and Innovation, which advocated for individual states to adopt remote notarization. The report also called on Congress to consider a minimum uniform national standard for the practice.
“We’ve seen tremendous momentum in the adoption of online notarizations, and are thrilled to be supporting NAR and parties involved to make this technology more accessible to anyone in the country,” said Notarize Co-Founder and COO Adam Pase.
Notarize is proud to have worked alongside NAR leadership to promote the adoption of remote notarizations, empowering lenders, title agents and realtors to connect on one platform.
NAR is the nation’s largest trade association, representing 1.3 million members through institutes, societies, and councils that touch all aspects of the residential and commercial real estate industries. Members belong to one or more of approximately 1,200 local associations/boards and 54 state and territory associations of REALTORS®.