The National Association of Realtors’ investment branch, Second Century Ventures, recently announced its investment in Notarize, an online notarizing service bringing mortgage signings and closings into the 21st century.
“As one of the only 13 investments SCV has made through the venture fund, this investment signifies NAR and SCV’s unwavering support of Notarize and the progress it is making within the mortgage industry,” said Mark Birschbach, managing director of SCV.
In a survey of NAR members last year, more than 60 percent of Realtors said they’d had closing processes that were delayed or canceled because one of the parties couldn’t be physically present for the signing. As a result, roughly 30 percent claimed that anywhere from 5 to 25 percent of their closings were either delayed or canceled.
With 24-hour support and free registration, Notarize digitalizes everything related to the mortgage closing process, eliminating the need for an in-person notary. Using a platform similar to Skype or FaceTime, Notarize supplies a secure video connection and links its users to a live notary to sign any and all mortgage documents.
“A faster, more secure closing reduces stress and improves the overall experience, and we believe Notarize is the company that will make this a reality for agents across the country,” said Bob Goldberg, CEO of NAR.
According to the survey, 90 percent of NAR members saw great potential in the proficiency of online closings like Notarize. Clients and agents can access the new e-closing service on mobile and desktop devices, but its app is currently only available for iPhone.