Video conferencing, at least in the mortgage world in Florida, won't work. These platforms use an identity authentication method that you can pay for on your own. That is that system where the program randomly generates five multiple choice questions regarding personal information you would likely know about, which it gathers from credit reports and locate services, etc. That is the law/rule here. Additionally, the platform records and saves your closing video, as well as makes an online journal. You have to be able to save this video/info in a secure format, while still being able to pull it back up should anything ever come up about that particular closing. You can do all of this individually, I suppose. But the cost would likely be more than what you are being asked to pay for the platform usage, which incorporates all of these aspects to comply with local laws.
Because of all of this, I don't believe Video-Conferencing would work for most typical notaries.
The good news is, I still think we are years away from being taken out as mobile notaries. Many people still aren't as computer comfortable as you would imagine at this late stage. And, many people just don't have the equipment or connectivity to make this easy on them. Lastly, until the lenders are all onboard, this won't happen 100%. So there is still plenty of time.
The move to do this online was only stepped up because of the Corona Virus. However, many of the lenders fear change as much as we do whether because of the cost or whatever. So even now, most lenders haven't tried switching to an online format.
The brokers doing business with the company I am training with are being pushed to offer online closings. Maybe brokers are the ones who are going to have to push lenders to convert for the convenience of their borrowers? I don't know.