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Remote Notarization for Refinance Closings

By Rosemary Liuzzo Mohamed and  Carly Clinton

A select group of lenders allow the use of remote notarization to conduct refinance closings.  During COVID-19 some borrowers were self-quarantining and therefore unable to attend a traditional in-person closing for their refinances.  Being able to conduct the closing through audio/visual mechanisms allowed our firm to continue closing transactions as scheduled while making sure safety was the number one priority. 

The use of remote notarization comes from the NY Executive Order 202.7 dated March 20, 2020.  Our firm uses a secure virtual platform and the entire closing is recorded and saved for compliance purposes.  In order to comply with both the NY Executive Order 202.7 and the lender’s specific compliance regulations the below standards must be met during and after the closing:

  1. a. The person seeking the Notary’s service must present valid photo ID to the Notary during the video conference;
  2. b. The video conference must not be pre-recorded and allow for direct live interaction;
  3. c. The person must be physically situated in the State of New York during the time of the signing;
  4. d. The person must transmit by email a legible copy of the signed documents directly to the Notary on the same date of signing;
  5. e. The Notary may notarize the transmitted copy of the document and transmit the same back to the person; and
  6. f. The Notary may repeat the notarization of the original signed document as of the date of execution provided the Notary receives such original signed document together with the electronically notarized copy within thirty days after the date of execution. 

Remote notarization may become the new norm for refinance closings.  Only certain lenders allow for this type of closing at this time.  During times of outbreak and self-quarantining, this method is an extremely efficient means for completing transactions and closing loans.  Our firm represents many different lenders and can help serve your specific needs during times of uncertainty. 

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