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Vendors Partner To Help Foster Digital Mortgage Adoption

Pavaso, Inc. (Pavaso), a provider of digital closing and collaboration solutions for the mortgage and real estate lifecycle, has selected eOriginal to support lenders in the digital mortgage process. Specifically, Pavaso will utilize eOriginal’s electronic promissory note (eNote) and electronic vaulting (eVault) services.

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The collaboration between the firms will complete the final steps of the online mortgage process by facilitating a digital closing, which includes the creation, execution and vaulting of an eNote for the delivery to the secondary market. The use of the eNote and eVault will accelerate the time that typically lapses between origination and replenishment of capital.

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“Participants in the mortgage ecosystem are increasingly seeking ways to maximize the benefits of a digital transformation,” said eOriginal General Manager of Digital Mortgage Simon Moir. “By partnering with leaders like Pavaso, we are providing key components for the end-to-end digital transformation of mortgage.”

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eOriginal’s platform delivers a fully digital mortgage and supports every type of digital closing strategy. Available for both Mortgage Electronic Registration System (MERS) and non-MERS loans, the platform has been vetted in mortgage, auto finance and lease, deeded vacation ownership, and marketplace lending. It is accepted by the major rating agencies, issuers’ counsel, top lenders and investors in the secondary markets. The platform can leverage any loan origination system (LOS) or document preparation provider and is designed to be extensible as lenders complete their digital transformation.

“Our partnership with eOriginal, in combination with multiple mortgage lenders, will help complete the circle in the digital mortgage transaction, bringing it one step closer to reality and to meeting today’s consumers expectations,” said Mark McElroy, CEO for Pavaso. “eOriginal is a highly-regarded provider, and its eVault and eNote solutions are powerful. As a result, this partnership will push the broader secondary market to fully incorporating the digital concept as a daily reality.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Manage Transaction-Level Risk

*Manage Transaction-Level Risk*
**By Tony Garritano**

TonyG***Everyone wants to be risk averse. Everyone also wants to be transparent and fully compliant. How do you do it all? You need to break the loan down to transaction-level data and make sure that you’re managed that trusted data instead of forms that can be tampered with. For example, Compliance Systems Inc. (CSi), a provider of transaction risk management technology, has formed a strategic partnership with eOriginal, a provider of electronic transaction management solutions. Here’s why this pairing should matter to all lenders:

****CSi’s IntelleDoc Solutions leverage a single, data-driven system to dynamically assemble compliant documentation for all financial institution lines of business. eOriginal SmartSign Web is an electronic signature solution that offers flexibility, compliance and control within an advanced software platform. With embedded transaction risk management, both systems give institutions unparalleled protection from financial transaction risk.

****The integration of these two technologies will reduce a financial institution’s compliance risk as the systems automatically place signatures in the proper locations and specify the correct signers based on the transaction data. Mitigating the risks of human error in that process cuts costs and reduces the potential for errors. From end-to-end, the transaction is driven by relevant data quickly and efficiently without the need for human intervention.

****“Finding a like-minded partner with the same transaction level focus provides our customers with more ways to reduce risk and enhance security throughout the transaction,” said Reid Smeda, CSi President.

****The seamless integration of the two software systems equips institutions with the ability to reduce costs and speed transaction processing while simultaneously mitigating compliance risks through the electronic management of the whole transaction starting with origination data all the way through the signature and vaulting process. In addition, a representation of the data and software used to produce the transaction documentation will be preserved along with each document. This provides a key enhancement to the process with a precise audit trail preserved with the final transaction documents, providing even greater transaction transparency.

****Joint business partner, FIS Global, is one of the first partners to adopt the combined solution for its financial institution customers. “With CSi and eOriginal, we have partners that are truly looking out for our customer’s best interest. The CSi IntelleDoc Solutions coupled with eOriginal’s SmartSign and Trusted Repository is a powerful solution that not only mitigates risk but also reduces overhead by eliminating inefficiencies in the document production and signing process,” says Ronny Chapman, FIS Global. “Because it’s a fully electronic process, this reduces the level of risk associated with potential mistakes.”

****Bryan Caporlette, CTO of eOriginal, said, “We are thrilled to partner with CSi to bring this integrated solution to our joint customers in the financial services industry. The combination of these two market-leading technologies will provide unmatched protection from financial transaction risk, while delivering the speed and efficiencies of a fully electronic solution.”

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.