MERS expansion to include RON video storage
ICE Mortgage Technology announced MERSCORP Holdings Inc. is expanding its capabilities to include 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 and foreclosures.
“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,” ICE Mortgage Technology President Joe Tyrrell said in a release. “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 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 features like validation and custom storage durations.
“The MERS video storage solution is a tipping point for RON adoption,” Mr. Cooper Senior Vice President, Business Development Chris King said. “This enhancement gives investors the confidence they need during the life of the loan to access RON videos in a secure and centrally located storage facility.”
“Having a single, independent place to house and provide access to the industry’s RON videos will answer a big issue in the industry today,” Nexsys Executive Vice President Michael Lyon added. “As one of the leading contributors of eNotes to the MERS eRegistry, Nexsys is excited to be part of this solution that will accelerate industry adoption.”