Digital Mortgage Resource Center (DMRC)
eModification Reference Guide
The eModification Reference Guide was approved as Final in June of 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.
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: As more businesses are forced to work remotely due to the coronavirus disease 2019 (COVID-19) crisis, several federal and state governments are moving quickly to enable fully electronic processes to keep businesses operating.
Below are details pertaining to current state of RON legislation as of August 25th. 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, 34 states have enacted some form of RON law: Alaska, Arizona, Arkansas, Colorado, Florida, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
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.