Equity National Title, a national provider of title and settlement services is now able to deliver eClosings with Digital Close through Pavaso, Inc., a provider of digital closing solutions for the mortgage industry.
More specifically, Equity National Title can now deliver hybrid eClosings in which select documents, such as the Deed and Note, are printed and “wet-signed,” but much of the closing package is executed electronically. ““An awesome closing experience for our customers and their borrowers is our primary focus and the digital closing experience is one that more and more of our lending partners are demanding,” said Jim O’Donnell, President of Equity National Title. “Pavaso’s technology is being used by a number of our lender clients, and we’ve found that they deliver fantastic support as well as flexibility through the hybrid option when we need to close on any combination of paper and digital.”
Pavaso’s Digital Close accommodates paper, hybrid or fully digital closings. It also enables efficient online communication and collaboration between the real estate agent, lender, title/settlement agent and borrower during the entire closing process. The digital closing platform provides built-in eSign and eNotarization capabilities, allowing borrowers to sign and notaries to verify and stamp documents digitally. Although there are still some traditionally wet-signed documents, this allows the majority of the closing package to be executed more efficiently and securely.
“Each time a national provider like Equity National Title adopts an eClosing process, the digital transformation of the mortgage becomes much more widespread—even much more mainstream,” said Mark McElroy, President and CEO of Pavaso. “With a large title network for digital mortgages emerging, it’s really only a matter of time until eClosings are a staple for businesses.”