For Immediate Release
ALTA Registry to be Sole Provider of Title and Settlement Data for MISMO’s e-Eligibility Exchange Initiative
Washington, DC, April 12, 2022 — 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 national database of title and settlement agents.
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.”
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 data on individual title insurance and settlement services companies, identified by an ALTA ID, as well as each location’s “RON readiness” capabilities. The ALTA Registry is free and ALTA membership is not required.
ALTA launched the ALTA Registry in 2017 as the first national database of title insurance and settlement services companies. In addition to contact information and branch locations, each ALTA Registry listing also includes a title insurance company’s or real estate attorney’s unique seven-digit ALTA ID.
“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 all MISMO members, Innovation Investment Fee payers, and exchange data contributors—free of charge—the information required to confidently determine how digital their closings can be, which will help scale the utilization of digital mortgages.
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About ALTA
The American Land Title Association, founded in 1907, is the national trade association representing the land title insurance industry, which employs more than 120,000 people working in every county in the United States. The majority of ALTA’s 6,400 member companies are small businesses.
Connect with ALTA on Facebook here. Follow ALTA on Twitter here.
Contact: Megan Hernandez
Office: 202-261-0315
Email: [email protected]