MISMO Announces the release of Standards for Remote Online Notarization for Public Comment Period
MISMO, the mortgage industry's standards organization, announced that new standards for remote online notarizations (RON) have been released for a 60-dayday public comment period. The comment period will remain open from Tuesday, February 19, until Monday, April 22, 2019. Any comments received will be reviewed and dispositioned; after which the standards are expected to be elevated to Candidate Recommendation status.
Over the past few years, a number of states have enacted laws allowing the use of audio-visual communication devices to notarize documents in real estate transactions. These devices have provided borrowers, homebuyers and sellers the convenience of signing their closing papers online from a remote location. The Mortgage Bankers Association (MBA) and the American Land Title Association (ALTA) collaborated to prepare model legislation that provides the framework for any state to adopt a RON process. At the same time, the mortgage industry asked MISMO to develop standards to promote consistency across the states that passed RON legislation. MISMO's RON standards enable states to adopt consistent practices and permit lenders and other industry participants to quickly adopt new procedures to meet consumer demands for convenience and a better consumer experience. Read More Here.