RON Eligibility

Available in KM Beta, TBD Prod

Purpose of Update and Benefit:

Remote online notarization (RON) closings are entirely digital: documents are signed and recorded electronically and the closing appointment is conducted in an online signing room. 

RON closings have clear benefits for lenders and borrowers, but it can be difficult to determine whether a loan is eligible for RON closing, resulting in lenders choosing to use hybrid or paper-based closings. 

The RON eligibility feature helps lenders easily identify which loans are eligible for RON closings.

New Behavior 

RON Eligibility combines data including:

• Whether the recording jurisdiction allows eRecording

• Whether the state has active legislation supporting RON closings

• Which underwriters will underwrite a loan with a RON closing

• Whether the underwriter allows out-of-state notaries in a given state

These data points are updated monthly and are available via API. 

Using the property address as an input, possible values returned for each data point are ELIGIBLE, INELIGIBLE, or UNKNOWN. 

Blend will return UNKNOWN when a definitive answer cannot be determined, e.g. because an address cannot be resolved or crosses county boundaries where the counties have differing support for eRecording.

A sample response for a given property address could be:

• County: El Dorado - Eligible 

• State: CA - Ineligible 

• Underwriter(s):

  • First American: Ineligible - does not allow out of state notary

  • Stewart: Ineligible - does not allow out of state notary

  • Westcor: Eligible - allows out of state notary

Encompass integration 

The RON eligibility API will also be integrated into the Blend Encompass plug-in (Kensie Mae plug-in). The plug-in will call the RON eligibility API every time a loan is opened and will update custom fields on the loan.

These new fields can be used in conjunction with the pre-existing fields to automatically select the right defaults for the closing type. For example, lenders that determine the loan is eligible for RON closing can configure a business rule that will prepopulate nearly every selection on the eClosing Management screen.

The Blend integration form has the following custom fields that map to the eClosing Management screen: 

Specifically for RON Eligibility, there are some additional fields in the Blend integration form:

The same information in the fields is used to populate a popup that appears when a user clicks the “RON Eligibility” button in the closing management screen, not actually the other way around:

In this current implementation, RON Eligibility is automatically calculated whenever the closing screen is opened and does not actually require the user to press the button to generate the information by pressing the “Ron Eligibility” button.

0 Votes