MISMO recently announced a remote online notarization (RON) certification program for mortgage industry participants.
“Digital mortgage closings – especially during this time of social distancing and state stay-at-home orders – provide a safe, fast and convenient experience for all parties involved in a real estate transaction,” MISMO President and Mortgage Bankers Association (MBA) Chief Economist Mike Fratantoni said in a release.
“Expanding the availability of RON is a priority for MBA and MISMO, and this new certification program is intended to provide comfort to lenders and others that certified vendors are complying with MISMO’s RON standards,” Fratantoni said.
MISMO said its certification program is designed to increase adoption of RON-enabled digital mortgage closings and support the integrity and scalability of eMortgages.
Achieving certification provides assurances that RON technology providers meet a common set of standards.
MISMO’s RON standards provide requirements that include credential analysis, borrower identification, capturing and maintaining a recording of the notary process electronically, audio and video requirements, record storage, and audit trails.