MISMO Announces Certification Program for Remote Online Notarization
On April 22nd, the Mortgage Industry Standards Maintenance Organization (MISMO) announced a certification program for remote online notarization (RON) providers, designed to increase adoption of RON-enabled digital mortgage closings.
The program will assure lenders that RON providers meet a common set of standards, including credential analysis, borrower identification, capturing and maintaining a recording of the notary process electronically, audio and video requirements, record storage and audit trails. Most states have adopted MISMO RON standards in their legislation.
Although RON providers must attest to MISMO that their process meets applicable federal, state, county, and/or other governing or regulatory body laws, regulations and rules on privacy and data security, MISMO’s only requirement for certification is that a RON provider platform has implemented the MISMO RON standards and corresponding best practices for remote online notarization.
RON providers that have obtained a MISMO RON Certification will be able to market their RON services along with a “MISMO Compliant for RON Standards” seal, which may become something of an industry standard for title and escrow companies in the future, and something for lenders to look for in their vendor management process.
In this blog post concerning legal and regulatory matters of interest to the mortgage industry, Sandler Law Group (SLG) provides general information and industry observations that are not motivated by or concerned with a particular past occurrence or event, or a specific existing legal problem of which SLG is aware. Nothing published herein is intended to constitute legal advice and the use of the blog post by a reader shall not give rise to an attorney-client relationship with SLG. SLG expressly disclaims any representation of accuracy or reliability as to the content of this blog post, as well as any obligation to maintain such content over time or to ensure it is free from errors. Brad Cope is the attorney responsible for the SLG content of this blog post. Unless otherwise noted, the attorneys of SLG are not certified by the Texas Board of Legal Specialization.
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