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Jennifer elected Co-Chair of MISMO Committee

Pat, Michael, Jennifer and I have traveled the country to promote online notarization and online mortgage closings. Collectively, we’ve been to nearly forty states in the past eighteen months, testifying in state legislatures, presenting to county clerks and bar associations, assisting or leading the drafting efforts for new laws and regulations, and consulting with countless trade or regulatory associations. These efforts have been extremely collaborative, partnering with other state organizations across the housing finance market, land title and other industries to ensure all voices are heard. Our efforts with key industry stakeholders have also culminated in new laws passed in Texas, Nevada and Ohio as well as the launch of our mortgage product, the first ever to execute fully online mortgage closings with all necessary approvals from title underwriters, the GSEs, etc.

Today, we’re happy to announce that Jennifer Parker, our GM Digital Mortgage Solutions, has been elected to co-chair the Online Notary Development Workgroup, a standards setting process for online closings for MISMO, a Mortgage Bankers Association managed organization. This adds to the work that Michael Chodos, our SVP & General Counsel, has been leading as the co-chair of the Property Records Industry Association (PRIA) Interstate Recognition Committee to support County clerks and recorders across the country to facilitate recording of digitally signed mortgage documents. As online closings proliferate across the country, standards are important and we will support Jennifer with all of the technical and legal resources she needs to lead these efforts alongside her co-chairs Brenda Clem of Street Resource Group, and Ethan Pack of Stewart Title, as well as the broader MISMO working group and its members like Penny Reed of Wells Fargo and Eddie Oddo of First American Title, who have also played key roles in other efforts to date.

As a standards development body for the mortgage industry, MISMO plays an extremely important role to ensure companies adopt technologies that safeguard both industry and consumers and to ensure the free exchange of information for the mortgage finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the GSEs that participate in the industry. MISMO is a wholly owned subsidiary of the Mortgage Bankers Association and stands for Mortgage Industry Standards Maintenance Organization.

Jenn is uniquely qualified to lead these efforts. At Notarize, she’s been on the front lines of enabling the first ever online mortgage closing platform. She’s been an active participant in MISMO and other MBA groups for years. Prior to her time here, she led Fannie Mae’s eMortgage team and understands better than anyone what is required, but also what is possible for the rest of the mortgage ecosystem by creating reliable online mortgage closing standards.

We are not surprised that the other members of the MISMO group would elect Jennifer to co-chair this effort and, through this process and others, we will continue to push for high standards that safeguard the industry and create the best borrower experience possible.

- Adam

Posted in: real estate eclosings

You have notarization questions, we have notarization answers. While we at Notarize pride ourselves on providing helpful resources (like this blog!) to demystify notarization, we’re not lawyers and don’t give legal advice. Pro tip: always check with your own attorneys, advisors, or document recipients if you have further questions about notarization or digitally notarized docs.

What You Need to Know About Papering Out and Recording Electronic Records

The entire real estate industry has seen a massive shift in excitement as it moves towards a world of remote online notarizations and fully online real estate closings. Thousands of homes have already been bought and sold online with the help of progressive underwriters and counties that are accepting electronic-recording, or eRecordings.

Until recently, you could only complete an end-to-end digital closing if your property was in an eRecording county. But as of January 1, 2020, a total of 10 states now have laws that allow recording entities, at their option, to record a true and complete paper printout of an electronic document.

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