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 the post-closing review, loan purchase, and downstream events such as foreclosure, according to ICE.
“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.
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.”
“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.