Pavaso releases end-to-end digital real estate process
Addresses TRID challenges
Pavaso, a real estate technology company, completed its end-to-end digital process for the mortgage and real estate industry with the addition of its sales contract negotiation tool for real estate agents.
As a result of the new tool, the deal will start digitally and flow through the established process with lenders and settlement agents.
“Real estate agent feedback has been critical to the development process for the Pavaso sales negotiation contract tool and has allowed us to refine its functionality,” said Mark McElroy, CEO of Pavaso.
“Now that we are confident the tool will help agents to competitively differentiate themselves in the real estate finance transaction, we’re making it available to every market across the U.S.,” he continued.
Buyers can use Pavaso’s Certified Finder app to select from a list of service providers already using Pavaso or to invite one to join. Real estate agents can then submit the contract digitally.
Lenders and settlement agents can now compile and deliver the closing package in a single digital location.
“A digitally collaborative platform like Pavaso solves challenges the industry is facing with the recent go-live of TRID,” said Nancy Pratt, vice president of Operations and eStrategy at Pavaso. “By utilizing the digital delivery and tracking capability, businesses can comply with the three-day rule for the Loan Estimate and Closing Disclosure form, and even the entire closing package.”
Once delivered, Pratt said, consumers are notified to login to Pavaso to review them. Within the three days after receipt, the borrower can access educational materials in multiple media formats or contact the appropriate agent to ask questions via chat or secure messaging. When they’re ready, the borrower simply acknowledges each document, which Pavaso captures as their intent to sign at the closing.
“This isn’t just about TRID’s go-live,” McElroy added. “It’s about providing the industry with a clear path to evolving and catching up with consumer technology.”