OneSpan receives MISMO certification for remote online notarization solution
RON technology has radically transformed the U.S. eMortgage industry by facilitating an efficient, convenient, and seamless mortgage closing experience for homebuyers. With RON, lenders and title companies can expedite the mortgage closing process by connecting with homebuyers in a secure, live virtual session to electronically notarize new home loans and mortgage refinance transactions without having to meet in person.
OneSpan Notary recently achieved an important milestone by becoming MISMO® certified for Remote Online Notarization. With the rapidly evolving landscape of digital transactions and remote notarizations, security and compliance are key. The MISMO certification reinforces OneSpan’s commitment to provide a secure and trustworthy remote online notarization solution to mortgage companies in compliant jurisdictions across the United States. OneSpan customers have the assurance that OneSpan Notary can facilitate compliance with MISMO standards.
What is MISMO?
The Mortgage Industry Standards Maintenance Organization (MISMO) is a not-for-profit subsidiary of the Mortgage Bankers Association (MBA). MISMO is dedicated to developing and promoting standards for the mortgage industry. As a major authority in the mortgage banking industry, their standards are accepted and deployed by every type of entity involved in creating mortgages, such as lenders, title companies, and government-sponsored enterprises (GSEs). These standards are also essential for ensuring compliance with numerous regulatory and housing agency requirements.
MISMO created RON standards to promote consistency across mortgage industry practices, taking into account state regulations to allow the use of audio-visual communication and e-signatures to notarize documents in a virtual online environment. The RON standards for remotely notarized documents have been thoroughly reviewed by a wide range of organizations and industry participants, and are being used across the entire residential mortgage lending industry.
The MISMO standards include:
- Requirements for credential analysis and verification of borrowers
- Audio/video quality of the live videoconferencing session
- Secure storage of completed online notarizations and eJournal
- An audit trail capturing detailed events of the RON transaction
- Robust security measures to safeguard and protect data
Why is it important to use a MISMO certified RON vendor?
MISMO certification ensures that remote online notarization solutions meet specific standards and mortgage industry best practices. This certification is recognized and trusted by industry professionals, including notaries public and online notaries, as a mark of quality, security, and compliance.
The MISMO certification provides assurance to our customers that they can prepare and electronically notarize mortgage documents using OneSpan Notary while maintaining full compliance with MISMO standards.
According to MISMO, “The MISMO RON Software Compliance Certification Program is designed to increase adoption of RON-enabled digital mortgage closings and support the integrity and scalability of eMortgages. The program provides assurances that RON technology providers will meet a common set of standards; reduces or eliminates the burden of individual assessment, certification, and approval processes of RON providers; and gives a consistent assessment process across all providers.”
The certification makes it easier for technology buyers to evaluate the quality of RON vendors and whether they are well-equipped to handle the remote online notarization of mortgage loan documents as the industry expands.
OneSpan's MISMO-certified RON solution offers a secure, efficient, and compliant way to notarize documents when providing remote online notary services for eMortgage and eclosings. Our commitment to achieving this certification demonstrates our dedication to providing notaries and signers with a trustworthy, industry-leading RON solution.
Benefits of using RON for mortgage closings
Consumer demand for digital mortgage closings is on the rise. To meet this demand, RON is rapidly being adopted by lenders and title agents due to a multitude of benefits that significantly streamline and modernize the entire process for all parties involved:
- Increases cost savings and improves productivity by moving notarizations to a digital process. The digital e-notary workflow eliminates costs and errors related to paper-based processes.
- Enhances security with strong identity proofing and authentication options to identify borrowers. Digital identity verification, along with a detailed audit trail of each session, reduces the risk of fraud and strengthens compliance with regulatory requirements.
- Expedites the mortgage closing process by reducing the time needed for document signing and notarization. Faster closings with electronic documents and electronic signatures are typically viewed as a positive experience by borrowers who are eager to finalize their mortgage loan transactions and real estate purchases.
- Provides flexibility in scheduling notarization appointments, often offering extended hours, including evenings and weekends. This flexibility accommodates borrowers' diverse needs, further enhancing the customer experience and reducing stress for first-time homebuyers.
- Improves customer experience by modernizing the mortgage closing experience. Borrowers can conveniently use e-signature to sign their loan documents and complete the notarization process from the comfort of their homes, reducing the time and stress associated with traditional in-person meetings.
Digitize with OneSpan’s electronic notary software
OneSpan Notary helps lenders and title agents achieve the level of security, ease, and convenience their customers have come to expect from remote processes such as the mortgage process. If your organization is pursuing a RON platform, it is important to familiarize yourself with your local regulations and state laws governing the use of remote online notarization and notarial acts, as specifics will vary state by state. Consult your legal department for advice on issues related to electronic notarization and regulatory compliance.
Contact us to learn how we can help support online notarization at your organization with our notary platform and secure signing. And if you are a real estate agent, mortgage lender, loan officer, title insurance company, closing agent, or another professional involved in the homebuying process, feel free to forward this article to the notaries in your network.
Existing OneSpan customers can contact their OneSpan Account Manager or Customer Success Manager to start using OneSpan Notary today.