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Getting Closer To Full eClosings

Pavaso, a mortgage technology provider, has introduced a remote online notarization feature (RON) to its Digital Close eClosing platform. RON will enable users to conduct the mortgage closing session remotely—including notarizations. Pavaso is the developer of a truly digital mortgage enterprise solution platform that incorporates both lender and title participation.

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Pavaso’s development of its Remote Online Notarization tool provides its users the ability to conduct the entire closing (including notarization) using a single electronic portal through the Digital Close Enterprise eClosing platform.  Other systems require additional technology, integrations or multiple portals to conduct a complete, notarized closing. The feature was developed in direct response to the rapidly growing interest at the state level in allowing remote notarization. Currently, remote notarization is legal in Texas, Virginia, Montana and Nevada. Several more states, including Indiana, Minnesota and Tennessee, have passed laws or are expected to pass laws introducing remote notarization in the next year as well.

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According to Nancy G. Pratt, Vice President Partner Relations & Government Affairs for Pavaso, the addition of RON to Digital Close will empower users to notarize documents (where allowed by law) electronically and online—even when physically separated from the signer of the documents. The feature provides convenience to all parties without having to forego the use of experienced closing agents. Pavaso’s RON tool provides a faster, easier connection process for consumers as well as instant access to a recording of the notarizations.

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“RON is yet another powerful indicator that times are changing in the mortgage and settlement industries,” said Pratt. “Consumers are demanding more flexibility in choices – it’s no longer just a wish for flexibility in choices —they demand them. Pavaso’s unveiling of RON ensures that the consumer will now be able to experience the convenience, transparency and simplicity of a digital closing no matter where that consumer (or closing agent) might be situated.”

The Pavaso Digital Close platform delivers efficient, accurate closings by preventing errors at closing, including over signing, missed signatures and more. This, in turn, delivers a smooth, faster closing for consumers while reducing costs for mortgage lenders. The collaborative platform brings title and lender documents together for digital signature and allows consumers access all documents anywhere, on any device, prior to closing. Pavaso’s Digital Close platform provides flexibility in closing by facilitating hybrid closings as well as complete eNote and eVault transactions.

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Secretary Of State Approves New Electronic Notary Solution Provider

The Office of Secretary of State Mark Martin has announced the addition of Pavaso, Inc. as an electronic notary (eNotary) solution provider for Arkansas. Pavaso is a digital closing platform that brings together homebuyers, mortgage lenders, real estate agents and title companies in one seamless collaborative portal to deliver a better closing experience for everyone.

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Nancy Pratt, Pavaso Vice President for Partner Relations and Government Affairs, said, “We are excited and enthused to be approved to provide eNotarization in the great state of Arkansas!  Homebuyers, Lenders and Settlement providers will all have an improved and outstanding mortgage eClosing experience because of Arkansas’s focus and support of the digital transformation!”

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The Arkansas Secretary of State’s Office has been commissioning eNotaries in Arkansas since 2013. Arkansas’ eNotary program strives to improve the efficiency of the notarization process by increasing notarization options, reducing paper waste and providing highly secure authentication and storage options for Arkansans’ legal documents.

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“Electronic notarization & e-closings will revolutionize the real estate and mortgage industries. This technology will change the way people conduct business. We are pleased to welcome another solution provider option as Arkansas’ nationally recognized eNotary program continues to grow,” said Secretary Martin.

Pavaso joins previously approved eNotary solutions providers DocVerify, World Wide Notary, and Corporation Service Company.

GSE Approves New eMortgage Technology Solution Provider

NotaryCam, Inc., a provider of online notary and mortgage eClosing services, announced that the company’s eClose360 online notary platform has been tested and approved by Freddie Mac for eMortgage origination. To be approved, vendors must meet Freddie Mac’s requirements to provide eMortgage solutions.

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“We are very pleased that our technology has now been approved by Freddie Mac for eMortgage closings,” said Rick Triola, Founder and CEO of NotaryCam. “Many portfolio lenders and those who sell eMortgages to other investors have been relying on our patented eClose360 ceremony for some time. Now, mortgage lenders who sell their production to Freddie Mac can execute a full set of loan docs, register with MERS eRegistry and fund in near real-time and share those benefits with their partners and borrowers.”

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NotaryCam’s eClose360 is an online notary platform that allows mortgage closings to take place entirely online, solving the last-mile digital challenge, thereby removing all associated stress and the friction of having to attend closings physically. The technology won more attendee votes than any other digital mortgage technology in its category after its demonstration at the recent Digital Mortgage Conference in San Francisco.

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NotaryCam allows businesses and individuals to legally notarize, sign and execute documents and agreements online. The company has legally completed tens of thousands of notarizations in all 50 states and over 65 countries. Parties from anywhere in the world can connect to a live notary public in a secure virtual signing room. Identities and eSignatures are verified in a face-to-face web interaction to eClose real estate and mortgage transactions, notarize deeds, power of attorney, health directives, and more. NotaryCam was developed in lockstep with the needs of both Government Sponsored Enterprises (GSEs) to ensure that eClose360 meets all of their requirements. NotaryCam signing agents are also certified by the National Notary Association.