ICE Mortgage Technology announces expansion of MERS – NMP
The MERS RON video storage solution will provide a secure means to store, provide access and retrieve copies of RON video recordings for notaries, RON platform providers and authorized parties during the post-closing review , loan purchase and downstream events such as foreclosure, according to the ICE.
“MERS has long been the industry registration system for the registration and tracking of residential mortgages and this expansion of capabilities perfectly complements and extends the value that MERS offers to the industry as a whole,” Joe said. Tyrrell, President of ICE Mortgage Technology.
MERS will expand its recording capabilities to meet this critical industry need with a first release later this year. The solution will be available through both the user interface and the API. The enhancements planned for 2022 will expand the functionality to include validation, custom storage times, and other extended functionality.
“The MERS video storage solution is a tipping point for the adoption of RON,” said Chris King, senior vice president, Business Development at Mr. Cooper. “This enhancement gives investors the confidence they need over the life of the loan to access RON videos in a secure and central storage facility. “
“Having a single, independent place to host and provide access to industry RON videos will answer a big problem in the industry today,” said Michael Lyon, executive vice president of Nexsys.