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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.

Vendors Integrate Doc Prep And Digital Closing Platforms

Pavaso, Inc. (Pavaso), a provider of digital closing and collaboration solutions for the mortgage and real estate lifecycle, has partnered with Gregg & Valby, LLP (Gregg & Valby), a Texas law firm and technology provider with a 40 year history of representing financial institutions and independent mortgage companies.

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The partnership will integrate the technologies of both companies, allowing for a seamless transfer of nationwide closing documents into the Pavaso Digital Close platform electronically. Gregg & Valby serves clients across the country in document preparation and legal and regulatory compliance matters for both mortgage loan origination and servicing activities. The Firm also provides nationwide mortgage loan fulfillment services.

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Pavaso’s Digital Close is a powerful closing solution that enables mortgage lenders and their business partners and consumers to communicate, collaborate and work in one central virtual location. This alliance not only meets the demands of today’s tech savvy consumers, but it streamlines workflows, provides extraordinary efficiency and helps organizations increase productivity by eliminating manual steps.

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Gregg & Valby Managing Partner, Scott Valby, feels the partnership will create a powerful advantage for clients. “We represent firms and people seeking maximum results and superior service,” said Valby. “Pavaso is the proven industry leader when it comes to making the transaction seamless.  For our clients, that means optimal efficiency; a smooth customer experience, and, above all, the very best results.”

“Gregg & Valby is renowned for its service, results and integrity, which promises outstanding results for this partnership,” said Mark McElroy, President and CEO of Pavaso. “We eagerly anticipate delivering the tools and expertise needed for the Firm and its clients to evolve and achieve digital transformation. Partnerships like this demonstrate which firms are choosing to create a better path for consumers by providing a modern, transparent way forward.”

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.

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.

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Equity National Title Now Conducting eClosings With Pavaso

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.

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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.”

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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.

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“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.”

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The Place For Thought Leaders And Visionaries

BREAKING NEWS: The CFPB Enlists The Help Of E-Closing Pioneers

Finally, true mortgage pioneers are showing up and advancing the space. The Consumer Financial Protection Bureau (CFPB) today announced the selection of participants for its mortgage eClosing pilot program. The three-month pilot will begin later this year, and will explore how the increased use of technology during the mortgage closing process could affect consumer understanding and engagement and save time and money for consumers, lenders, and other market participants. Here’s who has stepped up:

The companies participating in the pilot are a mix of technology vendors providing eClosing solutions, and creditors that have contracted to close loans using those solutions. The participants being announced today are:

Vendors: Accenture Mortgage Cadence; DocMagic, Inc.; eLynx; Pavaso, Inc.; and PiersonPatterson, LLP

Creditors: Blanco National Bank; Boeing Employees Credit Union; Franklin First Financial, Ltd.; Flagstar Bank; Mountain America Credit Union; Sierra Pacific Mortgage; and Universal American Mortgage Company

“Mortgage closings can be stressful, confusing, and overwhelming,” said CFPB Director Richard Cordray. “We believe that eClosings have the potential to create a better process for everyone involved. This eClosing pilot project will provide valuable insight as we work to improve the closing experience for consumers.”

In April 2014 the CFPB released a report that outlined the major pain points associated with the closing process, and offered a vision for how electronic closings could help mitigate some of those pain points. Along with the report, the CFPB released a set of pilot guidelines and called for proposals. The pilot project, a follow-up to the April report, will enable the CFPB to better understand the role that eClosings can play in addressing consumers’ pain points.

The pilot will study many eClosing features, including those that may:

Enable consumer understanding: The CFPB aims to better understand how educational materials like document summaries, term definitions, or process explanations that can be reviewed prior to the closing table can help improve the process for consumers. The Bureau also plans to evaluate whether the order of the documents changes the consumer experience.

Incentivize consumer engagement through early document review: The CFPB plans to study the various technologies that would let consumers see the entire package of closing documents ahead of time. The CFPB’s “Know Before You Owe” mortgage rules, which take effect in August 2015, require closing documents to be shared with consumers three days in advance. This pilot will help the Bureau better understand how early review of the documents may affect consumers’ experience in the closing process.

Make processes more efficient: The CFPB plans to study how electronic closings may help both consumers and industry members save time and money by preventing last-minute surprises and unnecessary bottlenecks caused by outdated processes.

The eClosing pilot is part of the CFPB’s “Know Before You Owe” mortgage initiative, which is designed to improve the home-buying experience for consumers. In November 2013, the Bureau issued a rule requiring two new, easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The first form is a Loan Estimate, which provides a summary of the key loan terms and estimated loan and closing costs. The second form is a clearer Closing Disclosure, which offers a detailed accounting of the transaction. The Bureau is now in the process of preparing for this rule to be implemented in August 2015. The CFPB is also working to improve the consumer experience during the loan application process, exploring ways that technology can help consumers interpret and evaluate loan offers and choose the most appropriate loan for their situation.

The eClosing pilot program is not part of a rulemaking process, but rather is designed to identify best practices in the marketplace. The eClosing pilot guidelines announced in April of 2014 can be found at: http://files.consumerfinance.gov/f/201404_cfpb_guidelines_eclosing-pilot.pdf

About The Author

[author_bio]

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.