Proposed RON Standards a MISMO Win

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When MISMO® (the Mortgage Industry Standards Organization) announced July 25th they’re updating their guidelines to include RON (Remote Online Notarization) standards, a cheer went up from the Nexsys team. A quiet cheer, mostly in our heads (because, hey, we’re workin’ here). But it still had the feel of a stadium roar.

The new MISMO 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. All those digital mortgage details that Nexsys Technologies® has worked on from the moment we started developing our Clear Sign platform for RON eClosings.

By updating their standards, MISMO is promoting consistency across the mortgage industry as states implement RON legislation. They’re establishing a minimum set of technical and procedural standards for credential analysis and authentication, audio/video quality and storage of notary records. And it’s a win for the mortgage industry and consumers.

With great digital power comes great digital responsibility – and that’s never been more true than in this age of hacking and phishing and fraud, oh my. (We hope you didn’t just buy stock in one particular rather large credit card provider, Just sayin’.) By setting RON standards, MISMO is holding the security bar high for RON platform developers like us, ensuring that we build in safeguards to protect our clients and consumers alike. In short, they’re telling developers that if you’re going to play in the RON arena, you better have the right equipment and you better play by the rules. Otherwise, go ahead and take a seat on the bench.

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About the Author:

Mike Lyon is the Executive Vice President of Nexsys Technologies. He leads the vision, business growth and objectives, strategic initiatives and culture throughout the company. Mike has worked in the financial industry since 1987 in several operational roles, including government work, and his vast experience is a guiding force in Nexsys Technologies’ goal to make lending function easier and smarter. He is ultimately in the business of solving problems. Before joining Nexsys, Mike held the position of Executive Vice President of Operations for Quicken Loans, where he was responsible for all underwriting, processing, closing, and vendor management activities while leading a team of over 3,000 Team Members. Mike holds a Bachelor of Business Administration from Eastern Michigan University.
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