MISMO Updates Remote Notarization Standards
Monday, September 16, 2019
MISMO recently released its remote online notarization (RON) standards, which include an update to the draft standards issued earlier this year. The RON standards allow the use of audio-visual communication devices to notarize documents in a virtual online environment.
MISMO’s RON standards were updated to include language to preclude the storage of personally identifiable information. With this revision, the RON standards are being released for a public comment period ending Aug. 12. If no substantive comments are received during this comment period, the standards will be moved to Candidate Recommendation status. Candidate Recommendation status means the RON standards have been thoroughly reviewed by a wide range of organizations and industry participants and are ready for broad use across the entire residential mortgage industry.
MISMO's standards will hopefully support greater consistency as remote online notarial transactions increase. In the interest of furthering adoption of RON and to encourage consistency in related state regulation, MISMO will make its standards available for free to the public and will not require a license fee to use them.
The standards include credential analysis, borrower identification, capturing and maintaining a recording of the notary process electronically, audio and video requirements, record storage and audit trails.
MISMO's RON standards support model legislation that was developed by ALTA and the Mortgage Bankers Association. Multiple U.S. states are reportedly now using this model legislation to enact RON laws and some states that already enacted RON laws are utilizing draft versions of the MISMO RON standards to implement their state laws.