Comment Period for New Remote Notarization Standards
Tuesday, March 19, 2019
The Mortgage Industry’s Standards Maintenance Organization (MISMO) has published for comments new standards for remote online notarizations (RON). The comment period on the standards lasts until April 22, 2019, after which the organization move towards adopting the standards.
The move to establish a national uniform standard comes amidst a continued push by states to adopt remote notarization laws, and by regulators to establish regulations in order to implement said new laws.
While the use of real time video communication for notarization can be a big convenience, it raises questions as to whether a state should recognize a remote notarization conducted out-of-state. Uniform standards could circumvent this issue and encourage states to rely on remote notarizations performed not only in their own state, but in other states as well. The American Land Title Association (ALTA) has worked with other trade associations on model legislation for remote notarization while the MISMO efforts are directed at enabling states to adopt consistent procedures for remote notarization.
The proposed standards include credential analysis, borrower identification, audio and video requirements, record storage and audit trails. MISMO is communicating with secretaries of state across the U.S. to encourage the adoption of the standards in their respective regulations.