MISMO, the real estate finance industry’s standards organization, announced a collaboration to develop the MISMO e-Eligibility Service, Powered by Snapdocs (the e-Eligibility Service). The online service will be developed in partnership with Snapdocs, Inc., a leading digital closing platform for the mortgage industry. This resource will enable mortgage industry participants to better understand how digital a mortgage transaction can be. It will help lenders easily determine the right type of digital mortgage closing for each loan by quickly assessing the different factors that impact its e-Eligibility, or its ability to be digitized.
“MISMO is dedicated to supporting the industry’s transition to digital mortgage closings. By ensuring transparency and accessibility into the requirements that govern them, lenders can more confidently digitize their closings in a way that’s compliant and doesn’t restrict their ability to sell that loan on the secondary market. This new e-Eligibility Service is designed to do just that,” said Seth Appleton, President, MISMO. “The development of this resource is part of our strategy to offer services that support industry-wide adoption of digital closings. We take seriously our role as the industry’s trusted source to maintain this data.”
Although the industry is rapidly adopting digital mortgage closings, not all closings can be fully digitized. Several factors influence a loan’s e-Eligibility including the lender’s trading partners’ acceptance policies, the county recorders’ capabilities, title underwriting requirements, eNotarization regulations, and the settlement agent’s readiness.
The MISMO e-Eligibility Service, Powered by Snapdocs will serve as the industry’s first utility to offer centralized access to the network of policies that impact digital closings. It will enable lenders and other industry participants to confidently determine how “e” loan closings can be and optimize the digitization of the closing process.
“The difficulty involved in determining the e-Eligibility of each mortgage closing has to be eliminated to fully unlock the promise of digital closings at scale,” said Aaron King, Snapdocs CEO. “This service will cut through the complexity of selecting the best closing type for each loan and will help lenders improve efficiency, increase profitability, reduce errors, and provide a better experience for borrowers. We’re proud to invest in this initiative with MISMO to put the industry on a path to perfect closings.”
This e-Eligibility Service partnership draws from Snapdocs’ and MISMO’s respective areas of expertise. Snapdocs will develop the technology that powers the service, and MISMO will host and manage the e-Eligibility Service and collaborate with industry participants to ensure that the service has the most robust and up to date digital closing criteria possible.
The e-Eligibility Service will launch in the first quarter of 2022, via an online interface and APIs which can be integrated into other technology platforms. For more information, please visit here.
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