Private lenders and wet signature requirements at title

Mortgage Brokers & Lenders
2yFollow

Private lenders and wet signature requirements at title

Brian Kempler
Member since 2021 · 87 posts · 14 votes

I'm moving overseas for a while which will make embassy scheduling tough for notarizations that require wet signatures. Remote online notarization is more common these days outside real estate. But from personal experience, most institutional lenders and hard money lenders require wet signed documents (RON is not accepted).

I don't think private lenders would have this requirement, unless title companies encourage wet sign as standard practice. Has anyone been involved in a private lender transaction and used remote online notarization? RON is different from mobile notary by the way.

0Reply
26 views

4 Replies

Jump to latestLatest
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Brian Kempler

    We use power of attorneys vs RON

    Much easier. Give power of attorney to someone to sign on your behalf as not all states accept RON

    7e investments53 Reviews
    WebsiteView Page
    0Reply
  • Nate HerndonPro Member
    Lender · Springfield, MO · Member since 2023 · 277 posts · 195 votes
    2y

    Good morning @Brian Kempler - we work with a few dozen national private lenders and still don't have anyone allowing RON. I have closed some loans for clients located in China, Spain, and Japan thus far in 2024 and they all utilized embassy or apostille notary. 

    Power of attorney is not permitted, but I did have one lender who blessed off on a corporate resolution for a stateside entity member to have signing authority for the business. That seemed to accomplish the same intent as POA, however, would require the signor to be an entity member (as opposed to an assistant of yours or something).

    [email protected]417-605-2196
    0Reply
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 652 votes
    2y

    I do lots of loans for overseas people.  So, anytime a mortgage is involved a wet signature is required per the lender and their capital partners.  On any cash deal where no mortgage is being recorded then I've seen title accepting docusign and other digital signatures.

    If overseas and require a wet signature there are two ways to do it.  First if the country has appointed Apostilles then you will sign in front of a notary from the country you are in and then take that doc to the apostille at the local court house and have them verify and sign off on all documents and then you send that full package to US title company handling the transaction.

    If it is a country with no Apostilles(not all countries have them), then you will need to sign docs at Embassy which means needing an appointment in advance which can be tricky.

    0Reply
  • Brian Kempler
    OP
    Member since 2021 · 87 posts · 14 votes
    2y

    To clarify, when I refer to private lenders, I mean individuals acting as lenders. Not hard money lenders or institutions.

    I think they would not object right? I am trying to get some on board now.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free