MERS® Expands to Provide Secure Storage of RON Videos
Remote Online Notarization (RON) crossed an exciting milestone earlier this month. The Mortgage Electronic Registration System (MERS®), the industry’s system of record for registering and tracking residential mortgages, is expanding its capabilities to now include industry-wide, secure storage of RON videos for lenders, investors and servicers.
The MERS RON video storage solution will provide a secure way to store, provide access to, and retrieve copies of RON video recordings for notaries, RON platform providers, and authorized parties during the post-closing review.
“Having a single, independent place to house and provide access to the industry’s RON videos will answer a big issue in the industry today,” said Mike Lyon, Executive Vice President of Nexsys Technologies. “As one of the leading contributors of eNotes to the MERS eRegistry, we’re excited to be part of this solution that will accelerate industry adoption.”
This expansion has significant implications for the future of digital closings in the real estate mortgage industry. MERS’ expanded capabilities meets a critical industry need. An initial release is planned for the end of this year, with planned enhancements in 2022.