ICE Mortgage Technology Announces MERS Expansion to Include Industry-Wide Remote Online Notarization Video Storage Solution
Industry Utility for Remote Online Notarization (RON) Videos to Drive Digital Adoption
ICE Mortgage Technology, a leading global provider of data, technology and market infrastructure, recently announced that MERSCORP Holdings, Inc., the mortgage industry’s national electronic loan registry, is expanding its capabilities to now include industry-wide, secure storage of Remote Online Notarization (RON) videos for lenders, investors, and servicers. The MERS RON video storage solution will provide a secure way to store, provide access to, and retrieve copies of RON video recordings for notaries, RON platform providers, and authorized parties during post-closing review, loan purchase as well as downstream events such as foreclosure.
According to Joe Tyrrell, President of ICE Mortgage Technology: “MERS has long been the industry’s system of record for registering and tracking residential mortgages and this extension of capabilities perfectly complements and extends the value that MERS delivers for the entire industry. Because MERS technology solves complex retention, tracking and accessibility issues, while instilling confidence across multiple stakeholders, the industry is now finally able to fully embrace the power of eClosings.”
MERS will extend its registration capabilities to meet this critical industry need with an initial release at the end of the year. The solution will be available by both user interface and API. Planned enhancements in 2022 will expand the functionality to include validation, custom storage durations, and other extended features.
ICE Mortgage Technology combines technology, data and expertise to help automate the mortgage process, from consumer engagement through loan registration, and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry, with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring high levels of compliance, quality and efficiency.