Real estate finance standards organization MISMO is launching an e-mortgage technology certification program module that will assist lenders, settlement agents and consumers in verifying that a technology offering can perform an e-closing transaction in a secure and compliant manner.
“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,” says Seth Appleton, president of MISMO. “The clarity and transparency of this certification program offer lenders a level of assurance that the e-mortgage products they are selecting comply with MISMO industry standards.”
The e-closing systems certification supports the integrity and scalability of e-closings by verifying the presentation of electronic records for e-signature, allowing for the signer’s consent to the electronic signature process, supporting the verification of the signer’s identity utilizing a multi-factor authentication process, and confirming the content and integrity of the audit trails for the e-closing transaction.
MISMO’s certification program provides a consistent assessment process of technology providers and supports the integrity and scalability of e-closings and e-notarization platforms across the mortgage ecosystem. This resource is part of MISMO’s software certification program, which 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.