Notarize, the platform that enables digital notarizations, announced that it is adding 1,000 notaries to address demand as more Americans are ordered to shelter in place because of the COVID-19 pandemic, but still need to sign important documents.
The startup is partnering with the National Notary Association to verify notaries have been screened and have the necessary insurance or bonding. The service is available to Americans in all 50 states or abroad, but notaries must be physically located in Florida, Nevada, Texas or Virginia to join the platform (with plans to add more states later) and have a digital certificate before applying for Notarize .
Founder and CEO Pat Kinsel said Notarize is "experiencing unprecedented demand due to coronavirus. Consumers and businesses are turning to us en masse because they can’t complete critical transactions."
He added that to scale quickly, Notarize is able to "leverage existing credentials from the National Notary Association that ensure people have commissions, insurance and background screenings. Notaries are stuck at home right now, looking for safe work. They can get onboarded in one to two days."
Right before the spread of COVID-19 prompted shelter-in-place orders and social distancing mandates, there was an increased demand for mortgages because of low rates, with refinance applications growing 400% annually, according to CNBC. Now many of those loans can no longer be closed in-person. Kinsel says more than 2,000 lenders and title companies have contacted Notarize in the past week, and it is also opening the platform so they can add their own employees to serve transactions.
Notarize users also want to make sure critical documents are updated as they cope with the pandemic. "Beyond real estate, we’re seeing spikes in medical authorizations, people updating financial accounts and beneficiaries," Kinsel said.