eClosing System Certification FAQs
1. What is the MISMO® eClosing System Certification?
The MISMO eClosing System Certification is a certification issued by MISMO confirming that an eClosing System provider's platform, procedures, and policies comply with the MISMO® eClosing System Certification Requirements. eClosing System providers that are found to be in compliance with all MISMO eClosing System Certification Requirements will be certified as such and will maintain this certification for a period of twelve (12) months.
2. How long is the MISMO eClosing System Certification valid?
The MISMO eClosing System Certification is valid for a period of 12 months from the date of issuance by MISMO. Organizations that wish to retain their certification must complete the process for renewing it.
3. How does my organization apply for the MISMO eClosing System Certification?
To apply for the MISMO eClosing System Certification, your organization must pay an application fee and complete and submit the following to MISMO via email to firstname.lastname@example.org:
- MISMO eMortgage Technology Certification Application
- MISMO eMortgage Technology Certification Application Agreement
- eClosing System Questionnaire, Attestations, & Required Documentation ("Questionnaire")
- Required Documentation noted in the Questionnaire
4. What is the application fee to apply for the MISMO eClosing System Certification and how can payment be made?
The cost to apply for the initial MISMO eClosing System Certification is $7500. Discounts are available to Champion level MISMO members. For more information, please see https://www.mismo.org/get-involved/join-mismo/become-a-mismo-champion. Payments may be made by sending a check to MISMO/Attention Finance at 1919 M Street, NW, Suite 500, Washington, DC 20036 or by calling MISMO at (202) 557-2880 to provide credit card information.
5. What does the MISMO eClosing System Certification process consist of?
The MISMO eClosing System Certification process consists of a review of theinformation and documentation provided with your application and a demonstration of your eClosing System, which is directed by MISMO as described in the Questionnaire. MISMO will review the provided information, documentation, demonstration artifacts, and the results of your product demonstration and identify any items or aspects that are not compliant with the MISMO eClosing System Certification Requirements. Your organization will have the opportunity to remediate and resubmit for further review by MISMO. MISMO will then make a final determination as to whether the product is compliant and therefore entitled to MISMO eClosing System Certification.
6. How long does the MISMO eClosing System Certification process take?
Upon your submission of a complete application package, including the application fee, MISMO will contact you to schedule an eClosing System demonstration. Once the demo is completed, it takes on average 10-15 business days for MISMO to review and provide its initial assessment of compliance with the MISMO eClosing System Certification Requirements. If the eClosing System is found to be fully compliant then MISMO eClosing System Certification will be granted. Otherwise, the eClosing System provider will have an opportunity to remediate any non-compliant items.
7. How will organizations identify eClosing System providers that have obtained the MISMO eClosing System Certification?
MISMO maintains a list of eClosing System providers that have obtained the MISMO eClosing System Certification on its website here. MISMO provides all certified eClosing System providers with a "MISMO Compliant for eClosing System Certification Requirements" seal which can be prominently displayed on the eClosing System provider's website and marketing materials, pursuant to additional usage terms and conditions set forth by MISMO.
8. Will the MISMO eClosing System Certification take the place of other assessment and approval processes eClosing System providers currently undergo?
It is up to each individual organization to determine if it will accept the MISMO eClosing System Certification in lieu of its own processes or reduce its assessment criteria for eClosing System providers that have an active MISMO eClosing System Certification. MISMO is actively working with several key stakeholders to align these efforts with an objective of reducing duplicative reviews, assessments, and approval processes.
9. If my organization provides an eClosing System through a partnership with another provider then does my organization qualify for a MISMO eClosing System Certification?
Yes. Organizations that provide an eClosing System through a partnership with another provider do qualify for the MISMO eClosing System Certification. Such organizations may need to work with their partner provider to provide evidence of their compliance with the MISMO eClosing System Certification Requirements.
To see the full certification program disclaimer follow this link: MISMO Software Compliance Certification Disclaimer