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ICE Mortgage Technology Announces MERS Expansion to Include Industry-Wide Remote Online Notarization Video Storage Solution
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Rhea-AI Summary
ICE Mortgage Technology, a key player in the mortgage industry, is enhancing the capabilities of MERSCORP Holdings to securely store Remote Online Notarization (RON) videos. This solution aims to provide secure, accessible storage for lenders, investors, and servicers, addressing industry-wide needs for post-closing reviews and loan purchases. With an initial release by year-end 2021, the solution promises additional features in 2022, emphasizing the importance of technology in streamlining eClosings and boosting confidence among stakeholders.
Positive
Introduction of a secure storage solution for RON videos enhances post-closing processes.
Initial release scheduled for end of 2021, with significant planned enhancements in 2022.
Addresses critical industry needs, potentially increasing the adoption of RON.
Negative
No specific financial metrics or projections provided, limiting clarity on revenue impact.
Industry Utility for Remote Online Notarization (RON) Videos to Drive Digital Adoption
PLEASANTON, Calif.--(BUSINESS WIRE)--
ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today 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.
“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,” said Joe Tyrrell, President of ICE Mortgage Technology. “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.
“The MERS video storage solution is a tipping point for RON adoption,” said Chris King, Senior Vice President, Business Development at Mr. Cooper®. “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. MERS is the obvious choice.”
“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,” said Michael Lyon, Executive Vice President at Nexsys®. “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.”
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. Visit icemortgagetechnology.com or call (877) 355-4362 to learn more.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
What is the new initiative announced by ICE Mortgage Technology regarding RON videos?
ICE Mortgage Technology is expanding MERSCORP Holdings' capabilities to include secure storage for Remote Online Notarization (RON) videos.
When will the RON video storage solution be available?
The initial release of the RON video storage solution is expected by the end of 2021.
How will MERSCORP's new capabilities impact the mortgage industry?
The new capabilities will enhance access to RON videos, instilling confidence in lenders and investors, and potentially accelerating the adoption of eClosings.
What future enhancements are planned for the RON video storage solution?
Planned enhancements for 2022 include features such as validation and custom storage durations.
What is the significance of MERS as a system of record in the mortgage industry?
MERS serves as a crucial system for registering and tracking residential mortgages, enhancing overall industry efficiency.
