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.