ValuAmerica, a national provider of appraisal, title, closing and settlement services, has partnered with Pavaso, Inc., a provider of digital closing solutions for the mortgage industry, to implement Digital CloseSM to facilitate eClosings, the companies announced
This partnership will allow their customers to implement digital closings into their workflow to conduct hybrid eClosings in a hybrid eClosing, select documents, such as the deed and note, are printed and “wet-signed,” but much of the closing package is executed electronically.
Pavaso's Digital Close also 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.
The digital closing platform accommodates paper, hybrid and fully digital closings, and facilitates online communication and collaboration between the real estate agent, lender, title/settlement agent and borrower during the entire closing process. It makes the closing process easier and more efficient by providing one digital location to deliver and receive any document with educational overlays.
“Our main goal in adopting Digital CloseSM was to enhance the experience, accuracy and consistency of each of our closings,” ValuAmerica Executive Vice President Shawn P. Murphy said in the release. “This technology provides us with comprehensive process management and standardization throughout the entire transaction, even when documents need to be wet-signed at closing.”
“ValuAmerica and Pavaso make an outstanding partnership,” Pavaso President/CEO Mark McElroy said. “The hybrid closing is the gateway to the fully digital mortgage, and ValuAmerica is now positioned to take full advantage of this differentiator.”