Offering aims to accelerate adoption of mortgage tech
MISMO, the mortgage industry’s standards organization, has launched an eMortgage technology certification program designed to facilitate and encourage eClosing transactions.
The organization said that the program aims to assist lenders in identifying products that comply with industry standards and is part of its efforts to boost the mortgage industry’s adoption of digital tools. Through the remote online notarization (RON) certification, lenders, settlement agents, and consumers will be able to verify that a platform can perform a secure and compliant eClosing transaction.
“This offering fills an industry need as lenders are updating their digital stacks and looking to differentiate among available products and ensure interoperability and compliance with MISMO standards,” said MISMO president Seth Appleton. “The clarity and transparency of this certification program offer lenders a level of assurance that the eMortgage products they are selecting comply with MISMO industry standards.”
Additionally, the certification program includes an assessment process of eMortgage tech providers. It also verifies electronic records for eSignature, collects the signer’s consent, utilizes a multi-factor authentication process to verify the signer’s identity, and confirms the content and integrity of the audit trails for the eClosing transaction.
