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Notary News

Remote Notarizations in New York Expired

We’ve talked quite a bit about temporary rules, and the temp rules for remote notarizations expired in New York.

Lost in the shuffle of the return to our national holiday, the rules allowing remote notarizations in the state of New York expired. All notaries in the state were alerted before the expiration started, but new rules are yet to be issued.

How We Got Here

Governor Cuomo signed an executive order in March of 2020 implementing emergency rules for remote notarization, as well as a slew of other things. All of these were stated to end in July 2021.

The order included things like remote notarization, travel restrictions, a state of emergency, among others. All of those have been rolled back, but only a few, like using online notaries are stuck in limbo. A couple of other orders have already been extended, including paid leave rules.

What is up Next for Remote Notarizations in New York

Remote Notarization Rules in New York Expire

A bill has already been presented to the state Senate, where it has already passed committee. It is expected to be passed through the legislature and signed by the governor, but the exact timeline on that is unknown.

What is known is it will pass. What, if any, changes to the original order remain to be seen, as the bill could still go through some negotiations.

As we move forward it is important to stay on top of things. Expiring rules, new rules, updated rules are all coming, and they will be hard to keep track of.

States, Counties, Online Notarizations and Complications

New complications are as states move to go forward with online signings.

As states move to approve their versions of RON signings, it has come up across the country where specific county or local laws prohibit things like the way recordings are legally performed. This is now leading to a move to get specific counties to jump on board.

But, that is easier said than done, and certain states could have ongoing issues.

There are still limitations to the usefulness of RON, and it remains to be seen if these limitations will recede over time. While all counties in Oregon now accept electronic recording of documents notarized by the traditional in-person method, not all counties accept documents notarized by RON.

JD Supra

A Tad Bit Confusing

Maybe more than a tad.

The variety of laws regarding online signings and the variety of hurdles remain significant. While there is no doubt what direction we are headed in, the path to the destination may seem like the Wonderful Wizard of RON.

As we continue to travel the maze, we would recommend you get any training and/or licensing you need. You will need.

How Can You Avoid a Potentially Invalid Signing

Complications for Online Signings

To be honest, there is probably no perfect solution.

But, work with your clients, the ones who do business there. They cannot operate if the signing is invalid, so they are quite invested in the situation.

You can try to check by using a search engine, but that may be futile. Even if you find what you are looking for, does not mean you understand it.

But, we would recommend to know your area. Even if that means calling or going personally to ask. It may not be the core of your business, but it sure would seem that you know your business if and when it comes up. And if you are properly networking in the community, it will come up sooner or later.

Imagine being able to step in and rectify a problem before it starts. Now that kind of expertise and customer service will go a long way into making you their go to notary.

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

GET STARTED

Or Call us at (727) 817-0000

Make Sure to Notarize as You Go

Sometimes we all need a reminder, but make sure you notarize as you go.

Make sure you have all of your I’s dotted and your T’s crossed before you go to a signing.

Stamp on Site

Remember, as they always say the customer comes first, but in reality, the law comes first. Not having everything you need for a signing can make you afoul of the law.

We’ve been made aware of too many notaries who are not notarizing on the go.

You cannot wait until you get home to stamp a document!

Not only is this just plainly unprofessional, it leads to a host of problems for the notary, including the fact it is illegal.

Additional Issues Arise for Those Who Don’t Notarize as They Go

Time and money. Two of the things most of us cherish.

But, if we don’t notarize as we go, we lose both.

Not only do we lose the time of having to go back to make the signing legal, we also have to waste the time of our signers, who are probably not going to be happy about it. And they will and do complain about it.

Stop and Notarize on the Go

Time is money you could have used to perform another signing or a myriad of other things that are more important to you than fixing a signing.

And that same time is money as well, for our signers.

Error Rate Rises

To be the best, you have to do the best while making your signers feel comfortable and happy.

We’ve talked about how to be a go to notary before, and getting our signings right the first time is a big step in the right direction. It will even help you make more money.

Let’s face it. If your error rate goes up, the confidence your clients have in you wanes. Whether they are private clients, or a signing service such as ourselves, it moves you down the list of notaries they want to use.

Bad signings reflect badly on you, and will make your partners less likely to work with you in the future.

The Deadly Trifecta

Okay, this grew. I don’t know the gambling term for five.

Some things we never want:

  • Wasted Time
  • Wasted Money
  • Wasted Effort
  • Increased Error Rate
  • A Lack of Faith from our Clients

So, please, don’t wait until you get home. Get your signings right and notarize on the go.

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

GET STARTED

Or Call us at (727) 817-0000

Federal Judge Bans Eviction Moratorium

A federal judge in Washington DC struck down the national eviction moratorium across the country on Wednesday.

U.S. District Judge Dabney L. Fiedrich of the District of Columbia ruled that the CDC does not have the authority to create and enforce a law regarding evictions. In other words, it is outside of their purview.

A federal judge ruled Wednesday that the Centers for Disease Control and Prevention lacked the legal authority to impose a national eviction moratorium during the COVID-19 pandemic. The ruling could potentially impact millions of households that have fallen behind on rent.

Fast Company

Challenge Incoming

The Department of Justice has indicated that they plan to appeal the ruling. They have now appealed the ruling. The Biden administration has said that they are reviewing the ruling and considering their options in regard to the ruling.

The Justice Department has asked the judge to put a stay on the ruling while the appeals process plays out. No response has been given on whether or not the stay will be granted. The judge has now temporarily stayed the ruling.

Judge strikes down Eviction Moratorium

The Biden administration has indicated it is attempting to pass a 50 billion dollar relief package for renters and landlords. During the moratorium it was declared that back rent would be owed when the moratorium was lifted, though no good process has been set forward, and industry analysts have indicated it will be very difficult to collect back rent for those who could not afford it, or used their stimulus funds for other expenditures.

State and Local Impact

The federal order will not preempt certain eviction moratoriums at the state and local levels.

But, expect more appeals to be filed in those locales based on this ruling. Though a complete list of local and state regulations regarding the eviction moratorium is outside our purview, one of the states whose moratorium will stand is New York.

The ruling will not affect New York’s laws because they are more stringent than the federal measure, said Sen. Brian Kavanagh, D-Manhattan, who sponsored the moratorium legislation in the Senate. “It doesn’t have any direct effect at all,” he said.

Democrat and Chronicle

The Argument for the Moratorium

Proponents of the eviction moratorium are varied.

Some say that any evictions will make the Covid crisis worse, making the virus easier to spread. They assert that is why the CDC has the authority to enforce the moratorium as it affects public health.

Others assert that during a time of crisis it is unethical to allow evictions. Many of them believe that a rental property is an investment, and that the landlords chose to take that risk.

The more fringe proponents believe that rent is unethical altogether.

The Argument Against the Moratorium

For those who support ending the moratorium, they say that while renters have been provided stimulus, landlords have not. And there have been no provisions enforcing renters to use any of the money from stimulus checks or the expanded unemployment to pay rent.

Some landlords have been hit harder than others. Most have been willing to work with renters to get through the pandemic by updating leases or allowing renters to pay what they can afford. Others have stated they have tenants that are abusing the eviction moratorium altogether, with no plan to pay rent, or use any of the stimulus funds to pay rent.

Regarding the investment argument, landlords have asserted that the moratorium goes beyond simply opening up their risk in investment. They say that if the units are empty, then that is the risk they take in the investment. But, since the renters are allowed to stay in the properties, the landlords are forced to pay additional losses that fall outside of what their investment should entail.

It should be noted that some areas and leases require the landlord to also pay utilities and other costs, and they should not be forced to do so, as many landlords find themselves in the same financial predicament of their renters. Their have been a number of court allowed evictions across the country for abuse of this. In one, tenants ran up $2,000 of utility costs in a single month to spite the landlord.

The Job Market and Unemployment

As the economy has rebounded, many employers are looking for workers. Local business owners we have spoken with say they have job openings they cannot get applicants for.

Others have indicated that the few applicants they have had, have no interest in the job. That they have basically asserted in job interviews they are only doing so to meet unemployment requirements.

While we’ll admit that some of this is anecdotal, the job problem is very real.

The coronavirus pandemic forced many businesses to close their doors and turn away customers and employees, but as many of those businesses and restaurants begin to reopen, they are looking for employees to fill available positions as they keep up with increased demand for their goods and services.

CBS 4, Miami

The Effects for Notaries

This was always going to boil over at some point.

For notaries, better or worse, this will result in a large amount of foreclosures across the country. After those foreclosures will come a lot of property sales, most likely much larger than the amount normally seen.

This can be seen as a financial positive for notaries.

This may be slightly tempered by the drastic increase in the price of properties during the crisis. Some economists have argued that Covid has created a bubble in the housing market. One that may lead to another crash in housing prices.

An earlier end to the moratorium, while still popping the bubble, may do so before it gets too large. Most of us remember in 2007 the bubble was too large and left many homeowners under water, compounding the crisis.

Whatever way you personally feel about this situation, it is something that will have a large effect on the notary industry.

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

GET STARTED

Or Call us at (727) 817-0000

The New Notary Rules

We stand again in a revolution, but what are the new notary rules?

  • Are we in the new wild west?
  • Are the bars set today going to be the bars of tomorrow?
  • Will the laws be consistent, or are we going to need to pull our hair out figuring every minute change?
Read More

The New Mobile Office

As times change and mobile notaries look towards a new hybrid model, what does the new mobile office look like? Mobile notaries already know how to do business on the go, so what is needed to maximize efficiency in the online era?

How do we do so under the new notary model?

Much Stays the Same

The more things change, the more things stay the same.

Alphonse Karr – French Novelist

We still want to do business on the go, if possible. We all want to maximize our business efficiency, as well as profit. And we all would like to do so with the least amount of hassle.

So where do we start?

We all want to still maximize our gas efficiency by taking several simple steps. And we’d like to keep some semblance of a mobile office.

What’s in the New Mobile Office?

The New Mobile Office

You may not have much of a change at all.

Most of us already have our laptops. Some of us already have vehicles with internet, though you don’t have to have a vehicle with internet as long as you have a recent smart phone. The fact is, most of us already have everything we need.

If your vehicle does not have wi-fi (mine does not), you can set your phone up as a mobile hot spot and connect directly to it. Of course, if it does, you can just connect directly to it.

Keep it Quiet

The biggest issue we may run into if we want to do a remote signing on the go is noise. It won’t do you any good if you are drowned out by traffic, trains, parades or just loud areas.

So the big question will be how you track down quiet areas within the route(s) you would normally take for your business. Hopefully a quiet place you won’t get interrupted in during your signing, be it a security guard or anyone else.

This may even be a place that is only quiet part of the day, but we may be looking at places like:

  • Parks where you have an out of the way area.
  • A quiet portion of a large parking lot, or maybe one at night where security won’t be there to interrupt.
  • A rest area.
  • Where your current mobile signing is. People are used to contractors doing computer work before or after a job.
  • A friend or family’s home.
  • Or anywhere else you can find that is nice and quiet.

New Equipment

With any new venture comes new equipment. A mobile office for online signings may not require much, but there are a few things you may want to look at.

  1. Drop Cloth or Background – If we are in a vehicle, we may not want to advertise it. So we may want to use a drop cloth, or maybe a background that is a little prettier, behind us. Make it look like we are in a closed office, or maybe a beach in Hawaii.
  2. New Light – If you end up doing a signing in the evening, or you surround yourself with a drop cloth, you are probably going to want to look into a light. Vehicle or laptop lights are great, but they tend to not provide that nice bright and even light you would have in an office. With LEDs, lights don’t use up much energy, so you can easily get one or two that will make the mobile office look like a static one.
  3. Noise Cancelling Microphone or Headset – Let’s face it. This goes beyond mobile. Have we ever met any kind of office that is perfectly quiet all the time? Client communication is key. Ideally, we’d like them to understand us, and vice versa, just as well as if we were in person. Even a face to face at Starbucks. So a noise cancelling microphone or headset may be the best way to keep out unwanted noise. Just realize if you are twenty feet from the train tracks it won’t do much help.

Recently we were asked if we really should go mobile for online signings. And the answer was simple.

I may prefer to do a signing in the office, but I prefer money more than that.

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

GET STARTED

Or Call us at (727) 817-0000

Mortgage Rates Rise as Lenders Attempt to Limit New Applications

Mortgage rates are starting to rise as lenders try to stem new applications.

Lenders have been swamped with new applications as low interest rates have led to rising home prices and, more importantly, applications.

Why Slow Apps?

While low interest rates have kept the real estate engine moving during the COVID era, some lenders were already finding the low interest rates untenable.

A couple of large lenders had already capped applications based on loan size, while instead focusing on things like fulfilling PPP (Payroll Protection Program) loans. One large lender we know of stopped fulfilling home loans under two million dollars.

Other lenders stepped forward to fill the gap, but growing numbers of lenders are growing wary of the large number of loans at such low rates.

Lenders Raise Interest Rates

The Bustling Housing Market

As millions have lost work and thousands of businesses have failed, the housing market has helped to buoy the economy.

The massive drop in rates has led to large gains in home prices in most markets, while refinancing has opened the door for lower payments during a time when many need them.

But, long term forecasts are more uncertain. The last thing the industry wants to see is a market with declining prices as we move forward. And let’s face it, neither do buyers, especially after so many were left under water for so long after the real estate crash of 2007.

How Far Will Rates Rise?

Right now we are seeing rates rise between a quarter and a half a point. But, some analysts see this continuing as lenders try to make loans more profitable, hedging their bets from the low interest rates.

Refinance rates are a little more stable, but higher rates appear to be on the horizon. Business outlets like Fox Business are starting to advise those looking to refinance to do so sooner than later.

Has This Affected Notaries?

In some cases, yes. Between the busy market and some notaries sitting out signings due to the pestilence, there has been a notary squeeze for some.

Online signings have (very) slowly started to creep in, but quickly changing rules, no national standard, and work from home have all complicated the situation.

While work from home has been a blessing for many, large institutions are running into issues with training. In an industry where a single typo on a 40 page doc can wreck a transaction, training employees to exacting standards in all 50 states is onerous.

Especially when you are training tens of thousands of them.

If we’ve learned anything in the last year it is to expect the unexpected. Notary demand will remain strong, though.

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

GET STARTED

Or Call us at (727) 817-0000

The New Notary Model

The world changes, we change with it. So, how does the notary create a new model for their business?

The Remote Revolution?

As a notary, and a small business owner, a large change in the landscape requires a change in business model.

Fortunately, as of now, it appears we have some time. Industry forecasts are now predicting remote notarizations to double by 2025, from 2020 numbers. That is not exactly the revolution many were expecting.

Make no mistake, it is coming. But, there will be bumps in the road. Webcams aren’t eyes, and it is bound to cause problems.

IDs can be tough enough. There may be a real push to require RealID for remote transactions. Originally intended for airline flights and sensitive government facilities, the requirements for it are already expanding.

The Mobile Revolution

Don’t forget, you’ve already been part of one revolution!

Mobile Notarization transformed an industry that had been static for hundreds of years. It completely changed the game. No longer did you have to travel to the notary, the notary traveled to you!

This not only allowed greater flexibility for those needing documents notarized, but opened a flood gate for a new generation of notaries. Notaries who now had the opportunity to make more money than their predecessors.

The New Notary Model

It even saved businesses that needed notaries money, as they were now able to streamline their process and increase their productivity.

What seemed at first glance to some to be a hassle ended up being a win win for everyone.

Remote Opportunities

It is easy to look at a situation and find negatives. It is another entirely to find the positives.

When many of us look at our industry, we think of mortgages. And rightfully so. It is the main source of income for not only notaries, but also notary services such as ourselves.

And it is easy to find ways the remote revolution may cost us. From full virtual closings to things like hybrid signings, it is normal to have some qualms.

But, so did notaries during the mobile revolution. And in the end, the reservations held were let go as the industry blossomed into a new era. One of both freedom for the notary, as well as the customer.

Those of us ready to re-tool our belt will find ways to thrive in a growing marketplace.

New Opportunities Mean New Income

Diversification Makes Notaries Strong

Right now there are still a lot of signings that are static. And even more that never happen, as people just cross their fingers and hope it will all be well.

But, with the proper marketing and business development, the ease of online signings will bring new signing opportunities to the fold.

More competitive pricing will continue to squeeze static notaries, who are bound to onerous fees they can charge in most states. This is a big reason the mobile notary revolution happened and it helped notaries make more money.

Individuals commonly forego getting documents notarized that they should. From simple hold harmless agreements, private loans or IOUs among family members, and even simple agreements between neighbors for things like easement access.

And too often these people get bitten in the rear. Because they find the current process either too onerous or too expensive.

But, remote signings will make this both easier and price competitive.

Diversification Protects You

We say it all the time. Diversify, diversify, diversify.

We can’t tell you how many comments we’ve received over the years about us accepting more types of signings than mortgages. More types of signings than our competitors.

Why would you do that? It is stupid to accept signings that pay less then others. Why waste my time?

But, that is a large part of what made Sunshine Signing into who we are today. Diversification has allowed us to grow stronger even when an industry wanes.

While others floundered during the real estate crash in 2007, we ended up thriving because our business was not solely reliant on new mortgages and refinances. And while others faltered, when the market rebounded, we were able to acquire more business in that sector.

As the old adage says, “Don’t put all of your eggs in one basket.”.

Remote Notarization is Diversification

Even after the mobile revolution, static notaries still stand. And even after the remote revolution occurs, mobile notaries will do the same.

So, the question we need to ask ourselves is this?

How do I add robust online services to my existing mobile notary business?

  • How do I capitalize on the slate of new signings?
  • How do I make myself mobile and online at the same time?
  • How do I turn this into an opportunity to make more money?

These are just a few questions we need to ask before we prepare our business for a new world.

And we will talk more about these topics in upcoming articles.

For example, what does the new mobile office look like?

Hybrid Closing and the Notary

The hybrid closing is something a few notaries are starting to be affected by.

As the move to online closings takes baby steps, the hybrid closing is a new trend to take a look at.

Are they the future of the industry, or just a stop gap on the way. With the slower than projected growth of remote online notarizations (we’ll have more on that soon), hybrids are starting to emerge.

What is a Hybrid Closing?

A hybrid closing is one in which part of the closing is done remotely, while another part is performed in person.

The banks are looking towards them as a way to split the work done in the closing.

So here is how it works.

A closing package is composed of several files that need to be notarized. They can all be done in person, but they don’t have to.

For example, in attorney states, under the temporary rules in place, some closings are now being done with some docs remotely, while other documents that require an attorney are done in person.

New York state is the leader in this right now, but it is still in its infancy.

The Hybrid Closing and the Notary

Will This Only Affect Certain States?

Truthfully, right now we are not sure. We only know that a few of the large lending institutions are giving it a try. Only the future holds how much of this will potentially affect the industry.

We do know that lenders put more weight behind certain documents than others. The law in many states does as well. So, those documents are being split under the hybrid closing model.

Since the laws right now are so disconnected across the country, and many are only temporary because of COVID, it is tough to tell where this will spread to.

Does That Mean Two Notaries for One Closing?

For some closings, yes.

And we think that the messiness of these closings will be one factor that decides the future of the hybrid closing model.

Are two notaries for one closing a good idea? A good part of us says it is not. One set of documents. Two notaries. A lot of room for error there.

What if you have an experienced and professional notary for one part of the transaction, and a not so good notary on the other end. It could potentially create a bit of chaos in a lot of ways.

However, that does not mean it will not happen.

If the rewards outweigh the risks, large lenders will follow.

Can the Same Notary do Both Parts of the Hybrid Closing?

There is no reason not.

As many of you know, we now offer online notaries. Some of you are already signed up with us for those services.

We all have to change with the times. And while online notarizations only represent a tiny fraction of our business right now, the fact is that they probably won’t several years from now.

Look, we all have to embrace and adapt to change. The notary industry, and every other thing in our life, is constantly changing. You either change with the times or get left in the dust.

Might it be our preference to find an online notary close to the physical part of the signing? We think so, but to be honest, it is too early to tell. We are looking at a very new and emerging topic here.

What Does This Mean for My Business?

In the short term, probably not much. But, we like to look ahead, and you should, too.

It is best to be out in front of the market. To be ready if and when the next trend comes down the pipeline. To be ready to jump on new trends before our competitors.

This is the best reason why performing a hybrid closing needs to be on your radar.

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

GET STARTED

Or Call us at (727) 817-0000