As mortgage companies go digital, 10 tech companies have joined the ranks of others preparing to amp up their eClosing capabilities in the year ahead.
The Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of the Mortgage Bankers Association, announced today that two new companies joined the successfully completed MISMO RON certification. This brings the total number of MISMO certified companies to 10.
Black Knight and Stavvy joined eight previously certified companies including eNotaryLog, Hercules Holding, Nexsys, Notarize, NotaryCam, Pavaso, Signix and Snapdocs.
Remote online notarization (RON) permits a notary public to notarize a document without the need to be in the physical presence of the signer. The signing and notarization of electronic documents is performed through the use of audio-visual technology
“Since announcing the MISMO RON certification program last April, we’ve seen significant interest from companies that want to demonstrate that their technology solutions meet the common set of industry standards needed to achieve this designation,” MISMO President Seth Appleton said.
“This offers mortgage industry participants assurance that their MISMO RON-certified provider has adopted industry best practices and helps facilitate RON-enabled digital mortgage closings. Congratulations to Black Knight and Stavvy for becoming MISMO RON-certified.”
MISMO’s RON standards provide a common set of requirements, including credential analysis, borrower identification, capturing and maintaining a recording of the notary process electronically, audio and video requirements, record storage and audit trails.
Over the final months of 2020, MISMO saw the number of companies with its RON certificate double to a total of eight companies. Now, it is increasing once again to a total of 10 companies.
The MISMO RON Software Certification Program uses a uniform method to assess RON providers’ compliance with the MISMO RON standards and provides benefits for both RON providers and mortgage industry participants such as loan originators, settlement agents, title underwriters and investors.
Companies that make eClosings possible saw a surge of growth last year. Notarize raised $130 million after a year of huge growth, recording a 600% growth in its RON platform over the last 12 months.