MISMO, the real estate finance industry’s standards organization, announced today that it is launching an eMortgage Technology Certification program to assist lenders in identifying products that comply with industry standards.
This certification is part of MISMO’s effort to support, advance, and increase the mortgage industry’s adoption of digital solutions and is specifically designed to facilitate and encourage eClosing transactions. Through this certification, lenders, settlement agents, and consumers will be able to verify that a platform can perform an eClosing transaction in a secure and compliant manner, creating a more seamless and efficient experience for all parties and reducing friction in the real estate finance market.
“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 Seth Appleton, President, MISMO. “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.”
MISMO’s first eMortgage Technology Certification program is the popular Remote Online Notarization (RON) certification that allows companies to demonstrate compliance with MISMO RON standards. 13 companies have completed the RON certification over the past year.
The newest offering in the eMortgage Technology certification program is focused on eClosing Systems. This certification supports the integrity and scalability of eClosings by:
1. verifying the presentation of electronic records for eSignature,
2. allowing for signer’s consent to the electronic signature process,
3. supporting the verification of the signer’s identity utilizing a multi-factor authentication process, and
4. confirming the content and integrity of the audit trails for the eClosing transaction.
MISMO’s eMortgage Technology certification program provides a consistent assessment process of eMortgage technology providers and supports the integrity and scalability of eClosings and eNotarization platforms across the mortgage ecosystem. This resource is part of MISMO’s Software Certification program that evaluates how the software or tool uses MISMO standards as well as proof of the capability of the software or tool to create MISMO oriented data transmissions, interfaces or reports.
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