The standards streamline and speed up mortgage closings, MISMO exec says
MISMO, the mortgage industry’s standards organization, has released the finalized standards for Remote Online Notarization (RON) which let organizations and lenders notarize documents online.
The RON standards allow the residential mortgage industry to use audio-visual communication devices to notarize documents. Various organizations and industry participants have reviewed the standards, according to MISMO.
"MISMO's RON standards allow for a fast and convenient closing experience for digital mortgage closings, while ensuring consistent implementation of RON laws across all 50 states," said Rick Hill, executive vice president of MISMO and vice president of technology at the Mortgage Bankers Association.
In August, the organization released the standards for a 15-day public comment period. The feedback showed a wide acceptance of the standard’s credential analysis procedures and technology as identity proofing processes.
The finalized standards do not require a license fee and are available to the public. They include credential analysis, borrower identification, capturing and maintaining an electronic recording of the notary process, as well as audio and video requirements, record storage, and audit trails.