MISMO has launched an eMortgage Technology Certification Program, the organization announced. The program will assist lenders in identifying products that comply with industry standards and is designed to facilitate and encourage the mortgage industry to adopt digital solutions. Products that are certified under the program have been verified to perform an eClosing transaction in a secure and compliant manner.
“This offering fills an industry need as lenders are updating their digital stacks and looking to differentiate among available products and ensure interoperability and compliance with MISMO standards,” MISMO President Seth Appleton said in a release. “The clarity and transparency of this certification program offer lenders a level of assurance that the eMortgage products they are selecting comply with MISMO industry standards.”
The first certification to be offered through this program is one for remote online notarization (RON), which will allow companies to demonstrate compliance with MISMO RON standards. Over the last year, 13 companies have completed the RON certification.
In addition to the RON certification, the program now offers a certification on eClosing systems. It supported the integrity and scalability of eClosings by verifying the presentation of electronic records for eSignature; allowing for signer’s consent to the electronic signature process; supporting the verification of the signer’s identity utilizing a multi-factor authentication process; and confirming the content and integrity of the audit trails for the eClosing transaction.
“MISMO’s eMortgage Technology certification program provides a consistent assessment process of eMortgage technology providers and supports the integrity and scalability of eClosings and eNotarization platforms across the mortgage ecosystem,” the organization stated. “This resource is part of MISMO’s software certification program that evaluates how the software or tool uses MISMO standards as well as proof of the capability of the software or tool to create MISMO oriented data transmissions, interfaces or reports.”