Tech startup Notaroo is looking to aid the reverse mortgage market with its mobile notary scheduling platform that provides more oversight and control during the loan closing process.
"The impetus for the creation of Notaroo came out of a particularly troublesome loan closing experienced by Todd Ausherman, the founder and CEO of Notaroo, during the last day of the month to sign loan documents," according to Reverse Mortgage Daily.
"A loan officer who was working for me at the time had worked tirelessly to get a reverse mortgage for his client that came down to the wire. As reverse mortgages often create a family-type of responsibility for lenders, this loan officer was emotionally invested in his borrower’s financial strife. It wasn’t just a loan, it was personal."
The report revealed that the closing fell through in the end and as a result, Notaroo was designed to help lenders who face pressing situations such as Ausherman's example.
"Until Notaroo, there has been no solution for creating a replicable, brand-able experience for connecting notaries to borrowers," said Ausherman, according to the report.
"We understand the human element, while also providing the on-demand component necessary to make the in-home process consistent and something that can be counted on quickly on an as-needed basis."
To learn more about Notaroo and why it was created, click on the image above.