MISMO plays an essential role as the central point for collaboration between lenders, servicers, regulators, insuring and guaranteeing agencies, GSEs, and technology providers, enabling the industry to achieve a more seamless and productive digital future. MISMO’s standards benefit lenders of every size and business model, facilitating interoperability and creating opportunities for lenders and others to gain greater operational efficiencies, reduce production and compliance costs and offer better online experiences for consumers. By enabling all industry participants to speak the same language, MISMO standards allow lenders and other industry players to tackle the industry’s toughest business issues, thereby reducing costs, and improving transparency and communications in housing finance.
- Created RON standards to promote consistency across mortgage industry practices and state regulations to allow the use of audio-visual communication devices to notarize documents in a virtual online environment
- A survey conducted by the American Land Title Association found that use of RON has increased 547% during 2020 when compared to 2019
- Since the program launched in April 2020, eight companies have become MISMO RON-certified providers