MISMO and Snapdocs are partnering to develop the MISMO e-Eligibility Service, Powered by Snapdocs. This service will enable mortgage industry participants to “understand how digital a mortgage transaction can be” and help lenders determine the right type of mortgage closing for each loan by assessing the different factors that impacts its e-Eligibility or its ability to be digitized.
“MISMO is dedicated to supporting the industry’s transition to digital mortgage closings,” MISMO President Seth Appleton said in a release. “By ensuring transparency and accessibility into the requirements that govern them, lenders can more confidently digitize their closings in a way that’s compliant and doesn’t restrict their ability to sell that loan on the secondary market. This new e-Eligibility Service is designed to do just that. The development of this resource is part of our strategy to offer services that support industry-wide adoption of digital closings. We take seriously our role as the industry’s trusted source to maintain this data.”
The e-Eligibility service will serve as the industry’s first to offer centralized access to the network of policies that impact digital closings. Though digital closings have been rapidly adopted by the industry-at-large over the last year, not all closings can be fully digitized due to a lender’s trading partners’ acceptance policies, country recorders’ capabilities, title underwriting requirements, eNotarization regulations, and the settlement agent’s readiness. MISMO’s and Snapdoc’s new tool will assist in determining the level of digitization possible for a loan and will help optimize the digitization of the closing process.
“The difficulty involved in determining the e-Eligibility of each mortgage closing has to be eliminated to fully unlock the promise of digital closings at scale,” Snapdocs CEO Aaron King said. “This service will cut through the complexity of selecting the best closing type for each loan and will help lenders improve efficiency, increase profitability, reduce errors, and provide a better experience for borrowers. We’re proud to invest in this initiative with MISMO to put the industry on a path to perfect closings.”
MISMO e-Eligibility Service, Powered by Snapdocs will launch in the first quarter of 2022 though an online interface and APIs that can be integrated into other technology platforms, the organizations stated.