MISMOÂ®,Â the mortgage industry’s standards organization, announced a new Remote Online Notarization (RON) certification program for RON providers and mortgage industry participants.
“Digital mortgage closingsâ€” especially during this time of social distancing and state stay-at-home ordersâ€” provide a safe, fast and convenient experience for all parties involved in a real estate transaction,â€ť said Mike Fratantoni, president of MISMO and Mortgage Bankers Association (MBA) chief economist and senior vice president of research and industry technology. â€śExpanding 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 MISMOâ€™s RON standards.â€ť
The MISMO RON Software Compliance Certification Program is designed to increase adoption of RON-enabled digital mortgage closings and support the integrity and scalability of eMortgages. The program provides assurances that RON technology providers will meet a common set of standards; reduces or eliminates the burden of individual assessment, certification, andÂ approval processes of RON providers; and gives a consistent assessment process across all providers.
Released in 2019, MISMO’s RON standards provide a common set of requirements, including credential analysis, borrower identification, capturing and maintaining a recording of the notary process electronically, audio and video requirements, record storage, and audit trails.
For more information, please visit www.mismo.org.