Member First Mortgage to Offer Digital Mortgage Hybrids Via Pavaso
January 30, 2017
Member First Mortgage has selected Pavaso and its Digital Close platform to conduct hybrid eClosings for Member First Mortgage customers.
“Making the process digital is the ultimate way to serve our customers at the highest levels of transparency, efficiency and ease of experience,” said Carmen Sherman, chief operations officer of Member First Mortgage. “Our end goals include executing eNotes, with video notarization, and transferring to an eVault by the end of the year. In using the hybrid model now, the first step is easy for us and our investors, and the benefits to the consumer are tangible.”
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. Digital Close also provides built-in eSign and eNotarization capabilities that allow 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. Pavaso’s Digital Close platform accommodates paper, hybrid and fully digital closings.
“We welcome the partnership with Member First and look forward to seeing them reap the benefits that our solutions can offer,” said Mark McElroy, president and CEO of Pavaso. “We commend their bold step towards the digital transformation of their organization and hope they inspire others to follow.”
The Pavaso Digital Close platform facilitates electronic communication and collaboration between the real estate agent, lender, title/settlement agent and borrower, making the entire closing process easier by providing one digital location to deliver any document, especially the Loan Estimate and Closing Disclosure, along with educational materials.
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