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Wells Fargo has named Pavaso an approved vendor for “hybrid” eClosings. In a hybrid eClosing, select documents are printed and “wet signed,” but much of the closing package is executed electronically. Effective immediately, Wells Fargo will accept loans closed on Pavaso’s Digital Close platform using this hybrid process.
“I’m excited for two very big reasons,” said Mark McElroy, CEO and president of Pavaso. “First, Wells Fargo’s approval of hybrid eClosings conducted on Digital Close is a major milestone for digital closings in the industry. Hybrid eClosings allow quite a few documents to be handled electronically, making the closing process simpler and more secure for everyone involved. Second, the involvement of such a major retail bank validates that the industry is ready to walk an evolutionary path toward digital transformation. As early trailblazers of this path, this only makes us want to work harder to help the industry get to the next level.”
The Pavaso Digital Close platform facilitates electronic communication and collaboration between the real estate agent, lender, title/settlement agent and borrower. The platform makes the closing process easier for all parties by providing a single location for the digital delivery of all disclosures, educational materials and other loan documents. Through Digital Close, lenders can execute a seamless eClosing process that provides superior transparency and borrower education.
Digitial Close also provides built-in eSign and eNotarization capabilities that allow borrowers to sign and notaries to verify and stamp documents digitally. Although Wells Fargo guidelines still require a few documents to be “wet signed,” the majority of the closing package can now be executed more efficiently and securely. Pavaso’s Digital Close platform accommodates paper, hybrid and fully digital closings.
“This is a long-awaited achievement for Pavaso, Wells Fargo and many in the industry who have long anticipated using Digital Close as their closing platform,” said Nancy Pratt, Pavaso’s vice president of partner relations and government affairs. “We intend to take this momentum and make the most of it.”