If we assume that the only reason for having that software to begin with is to make remote notarizing possible, then companies that own that software themselves, won't need to hire a notary geographically close to the signer. If that option becomes widely acceptable, or even as it rolls out, for closings where remotely notarized docs are legally accepted for recording, they might find it less expensive and much easier to bring loan signings back in-house. They could simply put a few notaries on their payroll - even in shifts - to handle that business right in their own offices. So signing services and mobile notaries wouldn't be necessary.
On the surface, at least, the COOP seems like an interesting idea, to at least give independent notaries a way to try to compete with the in-house set-ups. Again, with remote closings, geography (of the signer, the property and the settlement agent) becomes irrelevant. And economies of scale could make a big difference with the probable amount of investment needed. I think there are likely lots and lots of details to be worked out (like securely saving video recordings, variations between different state requirements, etc.) But this might at least be one potential way to have a fighting chance to survive whatever the future brings for the loan signing business. While I wouldn't personally be interested in jumping on-board at this point, I think it's an idea that's worth watching. Some of you who have longer-term goals in this field may want to be part of this effort right away...
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