The Mortgage Industry Standards Maintenance Organization (MISMO) wants industry leaders to work together to develop electronic notary standards and best practices to be followed for the notarization of documents related to the mortgage closing process.
MISMO says there?s a need for standards for consistent practices across state lines in regard to electronic and online notarizations used for mortgages, according to a recent article in Mortgage Professional America Magazine. Set standards would also help lenders and others in the mortgage industry to develop new practices and services to address the growing consumer demand for convenience and better customer experiences.
Some states already have laws to allow online notarization of important documents, including mortgage documents, while many states are considering similar laws. While initially such laws were aimed at making it easier to get documents notarized when participants are unable to be at the same location together; for example, when a service member is on duty overseas, in some states, a broader appeal for such services has resulted in expanded use.
MISMO has asked that a group of mortgage industry professionals meet and collaborate to develop the new standards for electronic notarization of mortgage-related documents. It is also recommending that the standards include guidelines for implementing the standards, and educational materials.
MISMO indicated that the notary standards should address the following three topics:
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