WHY ARE SO MANY NOTAIRES TALKING ABOUT IPEN LATELY? The downturn on the Real Estate Market has left many Notaries looking for alternative solutions to keep their revenue up. It has also left many organizations and trainers with needs to fill the hearts of Notary Signing Agents with hope for their businesses! Don't get us wrong of the bat, there is still a lot of hope for Signing Agents as a downturned market only really means there may need to be some adjustments made in your business model. However, proceeding with caution on pricey business decisions is needed even more. For those who aren't as connected or involved as they should be in the Notary and Signing Agent circuits, this means costly mistakes can be made in searching for ways to increase revenue. And, we have composed this article to help you keep from making knee-jerk reactions that could ruin your marketing budget for the entire year. What is worrisome is there will be conferences throughout this year for Notaries and Loan Signing Agents who invite vendors from around the country to introduce products and services that will make you feel like they can raise your revenue. And, because they are presented at conferences in trusted circles with loads of other eager Notary entrepreneurs also hearing out the sale’s pitches- it may seem like a good fit even though it won’t be. This year at Notary Stars we are actually advising Notaries to forgo larger conferences, and extensive travel, to network the other Notaries and attend at least their local Escrow Association Conference so you can network with Escrow Officers in your State who can actually provide you work! Nearly every State, if not all of them, have a Local Escrow Assocation and that is where you should be networking by getting on their site as a sponsor and showing up to their events. And learning, what they need from you! One of the products we have seen running amuck since last year is the appearance of IPEN companies popping up at conferences and taking between $1000 to $1500 from Notaries to sell them equipment on which they can conduct IPEN Signings. IPEN Signings are in-person Electronic Notarizations when a signer and a Notary are in the same location and the Notary Public notarized the document without any paper involved. And after they make the purchase, the product rarely, if ever, gets used. And of course, then the Notary is told they just don’t know how to market it. When the truth is the technology, itself, is “iffy” in the first place when it comes to electronic Notarizations. The Warning: Unless IPEN companies can provide you business or you specifically have a client who wants you to have this technology and can provide you enough business to recover your cost, you should not buy this technology. As of the moment it seems to either be traditional paper or all-in RON. And anyone who does accept IPEN is currently providing that technology to the Notary. The only exception we see at the moment is if your affordable RON Platform also provides IPEN as an add-on or it comes with the platform. HERE IS WHAT WE KNOW At this time, you will never just be able to upload documents from a Lender or Title Company and notarize them electronically unless it is approved in advance. Most Title Companies and Lenders are still not conducting even RON Closings (Remote Online Notarization) for Loans because they have a hard time insuring the Deed if Notarized Electronically. And the only real customers we see doing RON Closings at the moment are lenders who do not sell their Notes after closing to servicers. Rocket Mortgage, formerly known as Quicken Loans, is a great example of this. And although Rocket Mortgage does offer RON and IPEN closings, it is done through their platform that they offer to the Notary Loan Signing Agents. Another thing to consider with IPEN is that General Notary Work often will not be accepted for most of the documents presented. You will still need to ask your client if they will accept the electronically notarized document before you proceed and have them scan and email it to you to upload to your platform (or you’ll need to scan it). For the most sensitive documents, even though RON is approved they are not yet being accepted. Remember: all of this is still very new technology. And if the clients receiving party can accept them, the signer or you will still have to most likely print out the document anyway. So the technology wouldn't really be helping you at this point in General Notary Work. Notary Stars has invited many platforms to interview with our RON Training Program through 2022 and will continue inviting new companies within 2023 so you can compare them. We never specifically endorse any of the companies outright and want to help the Notaries make specific decisions based on what is right for them. In the case of the crazy IPEN craze we want you to rest assured this year with the economy slowing down you are going to see more and more advertisements and presentations for IPEN products. This is because their customers (Title Companies and Lenders) are slowing down at the moment and just like any business they need a profit. If you know someone who is interested in purchasing IPEN products, please share this article with them before they waste $1000 to $1500. There are a few reasons why a notary might consider becoming a Remote Online Notary (RON) rather than focusing on in-person electronic notarization (IPEN). First, RON allows for greater flexibility and convenience for both the notary and the client. With RON, notarizations can be conducted remotely, which means that the notary does not have to be physically present with the client. This can be especially beneficial for clients who live in remote areas or who have difficulty traveling. RON also allows for notarizations to be completed outside of normal business hours, which can be convenient for clients who have busy schedules. Second, RON may be more cost-effective for the notary in the long run. IPEN still requires specific resources that can be costly to the notary (gas, vehicle wear, travel time, printing, paper, specialized equipment, etc). RON, on the other hand, only requires the internet and a home computer, both of which most notaries already have. Another added benefit is that RON may allow the notary to serve a wider range of clients, which can increase their potential revenue. Rather than being tethered to just Escrow, the RON notary has the ability to branch out to a HUGE pool of potential clients. Third, don't forget the price you place on your time, which is the most valuable commodity any of us has. IPEN still involves travel time between clients, which means you are not earning as you go from appointment to appointment. RON involves zero travel time, so an effective RON Notary can line up appointments back-to-back all day long. And when there is downtime between appointments, that time saved by not traveling can be utilized more effectively to continue marketing for more clients and prepping for other signings. Remember, Time is money, but it's also your most valuable commodity. Spend it wisely, or you'll end up broke and empty-handed.
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