Are You “e” Ready? Broadcast Your Capability Through the New MISMO® Exchange
After years of incrementally slow progress on the e-mortgage front, the pandemic succeeded in catapulting the mortgage and settlement services industry into the digital mortgage and closing age in short order. As state legislatures quickly rushed through a variety of pending remote online notarization (RON) laws, more agents jumped at the chance to add this capability to their tool belt.
In an April 12 release, ALTA reported that the number of title professionals offering digital closings more than tripled over the past two years, from 14% participation prior to 2019, to more than 46% in its most recent survey.
The question for agents is, do your partners and potential customers know about your new digital closing capability? And how can you get the word out?
MISMO has provided a national solution that you can capitalize on immediately to ensure potential customers who are looking for a service provider with RON capability can check on your status.
The MISMO e-Eligibility Exchange was created to accelerate industry-wide adoption of digital closings. According to a recent release from MISMO, 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 RON.
How Can Agents Get Into the e-Eligibility Exchange?
The only way to get into the exchange is by first getting registered in the ALTA Title and Settlement Agency Registry. ALTA announced that it will be the sole provider of title and settlement data to MISMO through the registry, which currently includes more than 9,000 locations, with more than 2,000 of them indicating they have RON capability.
The registry is free and ALTA membership is not required. After you register, your underwriter will confirm your information. According to MISMO, this verification, along with the uniqueness of the ALTA ID, ensures the accuracy of the data in the e-Eligibility Exchange for users.
If you are not yet signed up with the ALTA registry, here’s what you need to know:
- Visit alta.org/registry to learn more about the ALTA Title & Settlement Agency Registry.
- Download materials to register on the ALTA resources site to begin the registration process.
- ALTA will provide you with a unique 7-digit identifier, called the ALTA ID, which is automatically assigned to each new database record as a permanent ID number.
- ALTA ID numbers are available for free to title agents and to real estate attorneys.
- Once you are registered, your underwriters will be contacted to confirm your status.
Recent legislation has helped grow adoption of e-recording and e-notarization, but the lack of uniformity still makes it difficult for lenders to universally adopt electronic practices, forcing lenders to make a loan-by-loan decision about what documents can be electronically signed.
MISMO’s e-Eligibility Exchange helps address this challenge by allowing lenders to quickly assess requirements for individual loans.
More importantly for you, it allows lenders to identify the availability of title and settlement agents with electronic capabilities. Hop on the digital train in 2022. With the advent of the e-Eligibility Exchange, you now have the perfect opportunity to put yourself front and center for digital closing opportunities in the coming years.