This article was originally published by HousingWire, an HW Media publication dedicated to serving mortgage and real estate professionals.
e-Closing platform Pavaso announced on Monday it has been awarded the Remote Online Notarization Compliance Certification through the Mortgage Industry Standard Maintenance Organization – making it the fourth company to receive the specialized certification.
Originally introduced in April, the MISMO RON compliance certification was designed to assure RON tech providers meet a universal set of standards including credential analysis, borrower identification, capturing and maintaining a recording of the notary process electronically, audio and video requirements, record storage and audit trails.
“Pavaso has always worked closely with Secretary of State offices to obtain eNotary vendor approvals, where required,” said Nancy Pratt, vice president of partner relations and government affairs for Pavaso. “The MISMO certification program is designed to enhance the vetting process by assuring states that certified RON vendors are conducting business in a more secure and consistent manner. We are very excited to be granted this certification.”
With the SECURE notarization act making no headway in congress since its introduction in March, states took it upon themselves to procure their own policies for RON with the assistance of RON providers. According to Pavaso, in addition to following the MISMO standards and corresponding practices, Pavaso’s platform adheres to individual state RON legislation.
Prior to Pavaso’s announcement, eNotaryLog received RON compliance certification on May 27, followed by Notarize on July 2. The third company granted the compliance designation was digital signature servicer Signix.
“Real estate transactions continue to close during the COVID-19 pandemic because of advancements in digital mortgage technology, including the increased adoption of remote online notarization as a safe and convenient option,” said Mike Fratantoni, president of MISMO and Mortgage Bankers Association chief economist and senior vice president of research and industry technology. “MISMO encourages all product providers to expand the integrity and availability of eMortgages by obtaining their MISMO certification.”
All certified RON providers will receive a “MISMO Compliant for RON Standards” seal which may be displayed on the RON provider’s website and marketing materials, MISMO said.
According to MISMO, Docutech, Heracles Holding and Nexsys are currently in progress of receiving the certification.
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