ICE Mortgage Technology, part of Intercontinental Exchange Inc., has announced that MERSCORP Holdings Inc., the mortgage industry’s national electronic loan registry, is expanding its capabilities to now include industry-wide, secure storage of Remote Online Notarization (RON) videos for lenders, investors and servicers.
The MERS RON video storage solution will provide a secure way to store, provide access to, and retrieve copies of RON video recordings for notaries, RON platform providers, and authorized parties during post-closing review, loan purchase as well as downstream events such as foreclosure.
“MERS has long been the industry’s system of record for registering and tracking residential mortgages and this extension of capabilities perfectly complements and extends the value that MERS delivers for the entire industry,” says Joe Tyrrell, president of ICE Mortgage Technology. “Because MERS technology solves complex retention, tracking and accessibility issues, while instilling confidence across multiple stakeholders, the industry is now finally able to fully embrace the power of eClosings.”
MERS will extend its registration capabilities to meet this critical industry need with an initial release at the end of the year. The solution will be available by both user interface and API. Planned enhancements in 2022 will expand the functionality to include validation, custom storage durations, and other extended features.
“The MERS video storage solution is a tipping point for RON adoption,” comments Chris King, senior vice president of business development at Mr. Cooper. “This enhancement gives investors the confidence they need during the life of the loan to access RON videos in a secure and centrally located storage facility. MERS is the obvious choice.”
“Having a single, independent place to house and provide access to the industry’s RON videos will answer a big issue in the industry today,” says Michael Lyon, executive vice president at Nexsys. “As one of the leading contributors of eNotes to the MERS eRegistry, Nexsys is excited to be part of this solution that will accelerate industry adoption.”
Image: “fannie-mae-freddie-mac” by hnnbz is licensed under CC BY 2.0
