TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1503450
MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 44 July 2023 notary can review the data from these assess- ments and determine more accurately the identity of the person signing. Meanwhile, the closing platform employs an additional dynamic authentication pro- cess that uses various criteria, such as phone numbers, addresses, and facial recognition, to verify the seller's identity. Furthermore, the entire transaction is recorded, providing investigators with a video recording of the transaction and evidence of any fraudulent activity. Lessons From Electronic Medical Records M any of us can recall the old days when a visit to the doctor's office involved physical papers crammed into manila folders and piled up in overflowing file cabinets. Our private information was wedged between the worn-out charts of other patients, all stored in a massive wall of files behind the reception desk. With the federal legislation known as the Affordable Care Act, the medical industry was finally pushed into the 21st century, and paper-based systems became a thing of the past. Those who remember this transition might recall the uncertainty that such a change would bring, largely around the question of security. However, we've all accepted this and welcomed it into our lives, realizing the ease it takes to have information at our fingertips with these advancements. Thanks to the adoption of electronic medi- cal records, patients now have access to a level of convenience and flexibility that was once impossible. Of course, patients can still go into an office or clinic when appropriate, but it's not always necessary. For example, a quick video chat with your provider and an electronic prescription can ad- dress a minor concern without requiring an in- person visit to the office. In addition, with pre- scriptions electronically sent and easily picked up, patients can focus on their day rather than spending hours in the waiting room. The Transition to RON A s the transition to RON gains momen- tum, it's worth noting that it bears some resemblance to the shift to electronic medical records. The industry has looked at these models and anticipated and addressed the concerns, as the platform is equipped with advanced tools and safeguards that improve efficiency and convenience and provide a level of security that surpasses anything seen before. Providing lenders with the flexibility to choose fully remote and hybrid options is the backbone of RON and electronic notarization. Doing so while also protecting consumer information and mitigating fraud is the new gold standard. We are on the precipice of incredible change in the mortgage industry. I encourage everyone to explore RON and the flexibility it provides. Let's embrace our digital future! F E A T U R E We are on the precipice of incredible change in the mortgage industry. I encourage everyone to explore RON and the flexibility it provides. Let's embrace our digital future!