MISMO, the mortgage industry’s standards organization, has released final remote online notarization (RON) standards, thus establishing a legal and technical framework for the use of audio-visual communication devices to notarize documents in a virtual online environment.
“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,” says Rick Hill, executive vice president of MISMO and vice president of technology at the Mortgage Bankers Association (MBA), in a release.
MISMO says the standards have been thoroughly reviewed by a wide range of organizations and industry participants and are now ready for use by the mortgage industry.
The standards include credential analysis, borrower identification, capturing and maintaining a recording of the notary process electronically, audio and video requirements, record storage, and audit trails.
The release of the final standards follows a 15-day public comment period.
Based on industry feedback received during the comment period, the final standards now state that credential analysis procedures and technology are widely accepted as identity proofing processes, and MISMO also supports efforts to explore and permit other types of analysis and authentication.
