VIN vs. RON
By now you may have heard about the Massachusetts law that passed allowing Video Image Notarizations. Let’s take a quick little look to see what it is and what it is NOT. There is a significant difference between Remote Online Notarizations (RON) and Video Image Notarizations (VIN).
VIN: Paper closing documents, including an affidavit, are in the hands of the person signing. In all likelihood, they arrived via overnight, sent out the previous day. From there:
The notary and the signer connect via an on-line meeting so they can see one another,
Both must be in the Commonwealth of Massachusetts.
The signer’s ID is verified.
The notary confirms who else is in the room (preferably no one else)
The notary watches the “wet” signing
The papers are then sent via overnight back to the office of the Notary. Once the papers arrive, typically the next day, the two parties connect once again to verify the signatures and the papers are notarized. Now the document is ready for recording.
The affidavit and both videos are recorded and stored for 10 years. RON: Picture something being notarized the way a Dotloop signature is done. Again, the signer and notary connect via an on-line meeting, verify identification and to see one another. Both view a digitized version of the document. The signer signs digitally, the notary notarizes digitally. The document is notarized and ready for recording.
22 states in the U.S. permit Remote On-line Notarization; Massachusetts is not among them.
The immediate impact of VIN will really be more for safety than convenience. In essence, VIN’s main impact will be on the refinance market, with minimal impact on the purchase market. However, the safety offered by the new Mass Law does give our buyers the security to purchase timely and efficiently while maintaining social distancing through coordination with our office, which I think we can all agree is beneficial to all involved.