WASHINGTON, April 12, 2022 /PRNewswire/ — The American Land Title Association (ALTA), the national trade association of the land title insurance industry, announced that it will be the sole provider of title and settlement data for the MISMO e-Eligibility Exchange, powered by Snapdocs. The e-Eligibility Exchange serves as a central source of information on the criteria that impact digital closings. The data will be provided to MISMO under a Contributor Agreement with the national ALTA Title & Settlement Agent Registry (ALTA Registry), the first national database of title and settlement services companies.
Several factors influence a loan’s e-Eligibility, including trading partner requirements, county recorders’ capabilities, title underwriting guidelines, eNotarization guidelines and settlement agents’ readiness. The MISMO e-Eligibility Exchange helps real estate and finance professionals navigate these factors so each closing can be as digital as possible.
“We’re pleased to collaborate with MISMO and provide the e-Eligibility Exchange with the most accurate title and settlement services company data available in the industry,” said ALTA CEO Diane Tomb. “It’s crucial that the title insurance industry urge progress and innovation in the digital closing space. With 9,000 locations already listed in the ALTA Registry and 2,000 of them showing a state of ‘RON readiness,’ now is the time for all title insurance companies and real estate attorneys to register.”
Launched in 2017, the ALTA Registry is a unique real estate utility created specifically for the mortgage industry and service providers. For the first time, the ALTA Registry will provide contact and branch location data on individual title insurance and settlement services companies, identified by a seven-digit ALTA ID, as well as each location’s “RON readiness” capabilities. The ALTA Registry is free and ALTA membership is not required.
“The MISMO e-Eligibility Exchange serves as a resource for the entire industry and its success relies on the quality and accuracy of the contributed data,” said Seth Appleton, President, MISMO. “The exchange will benefit tremendously from ALTA participation, with its timely and accurate title insurance and settlement services company data. The fact that a title agent can only join the ALTA Registry after its title insurance underwriter has confirmed its information gives us ongoing confidence that we will have data that is unique and up-to-date. This accuracy, together with the uniqueness of the ALTA ID, will help make the e-Eligibility Exchange a compelling and innovative industry resource.”
The MISMO e-Eligibility Exchange provides centralized access to criteria that impact digital closings. It features information on counterparty requirements, eNotarization regulations, county recording requirements, settlement agent readiness and title underwriter restrictions. It will provide MISMO members, Innovation Investment Fee payers and exchange data contributors—free of charge—the information required to determine how digital their closings can be, which will help scale the utilization of digital mortgages.
The American Land Title Association, founded in 1907, is the national trade association representing the land title insurance industry.
Media Contact: Megan Hernandez, [email protected]
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SOURCE American Land Title Association