First American title expands the availability of remote online notarizations and speeds up acceptance with Notarize
SANTA ANA, California – (BUSINESS WIRE) –First American title insurance company, a leader in title insurance and settlement services and the largest subsidiary of First American Financial Corporation (NYSE: FAF), today announced the expanded availability of online remote legalization (RON) for residential real estate transactions through the company’s direct and agency divisions to buyers, sellers and home borrowers have more flexibility, convenience, and security in completing their home purchase or refinancing remotely. As state laws regarding the use of RON have evolved in response to both the pandemic and consumer preferences, First American has accelerated the use of RON with the company’s preferred RON platform, Notarize, and is currently offering title insurance for RON Real estate transactions carried out in 32 countries, with more countries to follow.
“Providing consumers with the much sought-after option to complete their real estate transactions remotely reflects our commitment to driving the digital transformation of the title and settlement industry,” said Chris Leavell, chief operating officer, First American Title. “We have seen a dramatic increase in RON adoption across all of our settlement operations and are initiating and completing more than 1,000 RON transactions per month in addition to the growing number of RON transactions that lenders are initiating. This is an emerging industry norm and we expect the total volume of RON transactions to continue to grow in the coming months. ”
The RON acceptance has skyrocketed, with the category-leading provider Notarize recording a growth in real estate volume of 800% since 2019. Every month, the RON volume is growing with the increasing demand for a more convenient, cost-saving, and secure digital experience. While the adoption of RON is increasing in all types of real estate transaction completion scenarios, including those where the lender initiates the use of RON as an option, First American has identified the greatest interest in RON on the seller side of residential transactions. which contain fewer documents and do not contain a promissory note.
First American Title’s direct division offers buyers, sellers and borrowers RON completion options through a centralized team of certified RON specialists. The company’s Agent Advantage team provides title agents with RON capabilities through a variety of options including strategic partnerships with Notarize and other platforms. First American Title’s agency division also offers an eClosing toolkit and a comprehensive collection of training resources to assist title agents with implementing eClosings in their operations.
First American’s efforts to accelerate RON adoption build on the company’s success in providing eClosing services to lenders through First American Docutech and through First American’s broader settlement activities. As First American completes additional integrations and brings new innovative technologies to market, the adoption of RON is expected to continue accelerating.
About First American Title Insurance Company
First American Title Insurance Company, the largest subsidiary of First American Financial Corporation (NYSE: FAF), dates back to 1889. As one of the largest title insurers in the country, the company provides title services through its direct operations and an extensive network of agents in the United States and abroad. First American Title provides comprehensive legal protection and professional services for home purchases, construction, refinancing and equity loans. Visit www.firstam.com/title for more information.
About First American
First American finance company (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions, with a legacy dating back to 1889. First American also offers title management services; Titles and other real estate records and images; Evaluation products and services; Home warranty products; Banking, fiduciary and asset management services; and other related products and services. With total sales of $ 7.1 billion in 2020, the company offers its products and services directly and through its agents in the United States and abroad. In 2021, First American became the wealth 100 best companies to work with® List for the sixth year in a row. You can find more information about the company at www.firstam.com.