Digital Mortgage Resource Center (DMRC)
eModification Reference Guide
MISMO is seeking public comment on the new eModification Reference Guide. The 30-day comment period runs through May 24th 2021.
The eModification Reference Guide is a resource for mortgage servicers to help identify whether an investor currently accepts electronically signed loan modification agreements. It also includes guidance on the format of the eModifcation (e.g. SMART Doc® ), the procedures involved depending on whether the promissory note is a paper note or an eNote and the systems to which the eModification may need to be reported (i.e., MERS eRegistry).
The eModification Reference Guide was developed through a collaborative effort of industry participants to encourage servicers to enable the use of eModifications when possible.
The public comment period for this initiative is also intended to afford MISMO workgroup participants who participated in the effort with at least 30 days notice prior to its final release, in order to review the information and disclose any applicable Patent Rights (as defined by MISMO's 2018 Intellectual Property Rights Policy).
At this time, MISMO also requests that any non-participant organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, disclose at this time in writing. Disclosures and comments should be directed to firstname.lastname@example.org.
All comments and disclosures should be directed to email@example.com.
Remote Online Notarization (RON) Standards
MISMO recently developed and released RON standards to promote consistency across mortgage industry practices and state regulations to allow the use of audio-visual communication devices to notarize documents in a virtual online environment. MISMO RON 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.
MISMO's RON standards support model legislation developed by the Mortgage Bankers Association (MBA) and the American Land Title Association (ALTA), which multiple U.S. states are now using to enact RON laws in their jurisdictions. The states that have explicit laws permitting the use of Remote Online Notary can be found on the MBA website here.
Find the most comprehensive analysis of state requirements for Remote Online Notarization (RON). MBA Education's Compliance Essentials program has partnered with legal experts at DLA Piper, LLP to produce these surveys. The number of states available continues to grow as legislation is enacted to keep you current and competitive during these trying times. Guides are available for individual purchase or for as many states as you may need. Purchase this fully editable survey, delivered digitally, to gain a thorough understanding of individual state requirements and key issues.
Legislative & Executive Order Information
Legislation Update: RON legislation has been changing rapidly over the past few weeks. From emergency legislation to Executive Orders, there are an abundance of new states allowing some form of remote notarization.
Below are details pertaining to current state of RON legislation as of April 26th. MISMO would like to thank Margo H. K. Tank, David Whitaker, Liz Caires and Andrew Grant of DLA Piper for creating this content and allowing MISMO to share.
Currently, there are only 29 states that have enacted some form of RON law: Alaska, Arizona, Colorado, Florida, Hawaii, Idaho, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota*, Tennessee, Texas, Utah, Vermont, Virginia, Washington and Wisconsin.
The South Dakota RON law differs substantially from the others in that it enables the use of communication technology only "if the notarial officer: ... affixes the notarial officer's signature to the original tangible document executed by the [principal]" and only if the notary personally knows the principal. The basic components of each state's RON law are to:
- Allows notarial acts to be completed using audio-video communication, including acts where the signer is located outside the state in which the notary is authorized to operate;
- Require that the notary authenticate the person signing; and
- Require recording of the audio-video communication.
In states that have yet to enact RON or otherwise make their RON law effective, emergency short-term measures are being issued. More information on these states can be found below.