MISMO announced the availability of the MISMO e-Eligibility Exchange, Powered by Snapdocs, created to further accelerate industry-wide adoption of digital closings. Developed in partnership with Snapdocs, the e-Eligibility Exchange provides centralized access to acceptance criteria that enables lenders and other industry participants to easily determine the right type of digital mortgage closing for each loan, — including the use of electronic promissory notes (eNotes) or remote online notarization (RON).
“This Exchange is part of our strategy to offer solutions to mortgage finance’s toughest challenges, support broad adoption of industry standards, and enhance the scalability of digital closings,” said MISMO President Seth Appleton. “MISMO created the Exchange to facilitate the centralized collection, consolidation, maintenance, and accessibility of e-Eligibility data, and our collaboration with Snapdocs has been instrumental in our ability to make this information broadly available to the industry. A rising tide raises all ships, and the Exchange will help all market participants scale the use of digital mortgages.”
While the number of digital mortgage closings continues to rise, industry-wide adoption is still hindered by the lack of transparency into factors that determine how “electronic” closings can be. MISMO, in collaboration with Snapdocs, created the e-Eligibility Exchange to offer organizations the ability to quickly assess the different factors that impact e-Eligibility, including comprehensive information on investor and other counterparty requirements, eNotarization regulations, county eRecording acceptance, settlement agent readiness, and title underwriter restrictions.
Digital closings improve the consumer experience and increase operational efficiencies by streamlining day-to-day tasks and eliminating avoidable errors for lenders and other industry participants. The e-Eligibility Exchange will help maximize the digitization of closing processes, including shifting to eNote and RON, both of which leverage MISMO industry standards, and increase these benefits for every participant involved in a mortgage loan’s life cycle.
“At Snapdocs, we’re working backward from a world where the many benefits of digital closings are accessible to everyone,” said Camelia Martin, VP of Industry & Regulatory Affairs, Snapdocs. “Through our partnership with MISMO, and the collaborative efforts of the many contributors to the e-Eligibility Exchange, we’re empowering lenders to overcome one of the most significant barriers to the adoption and scalability of digital closings. This initiative is a perfect example of what the mortgage industry can accomplish when we come together to drive innovation.”
The e-Eligibility Exchange draws on Snapdocs’ and MISMO’s respective areas of expertise, with MISMO safeguarding access to the data and working with industry participants to collect and maintain the most robust and up-to-date digital closing criteria possible, and Snapdocs providing the technology that powers the e-Eligibility Exchange.
“Deutsche Bank Document Custody is excited for the MISMO e-Eligibility Exchange rollout. This initiative is a positive step that will encourage the broader adoption of eNotes and the expansion of eClosings generally across the mortgage origination and refinancing space, ultimately making the process more seamless for our clients and the industry,” said Gary Vaughan, Head of Corporate Trust Americas, Trust and Agency Services, Deutsche Bank.
To date, contributors to the Exchange include the ALTA Registry from the American Land Title Association (ALTA), Deutsche Bank, First American, Freddie Mac, Freedom Mortgage, Mr. Cooper, the National Notary Association (NNA), the Property Records Industry Association (PRIA), and Stewart Title.
To read the full release, including more details and a video tutorial, click here.