Wells Fargo's Pavaso approval brings digital mortgages a step forward
Now an approved vendor for "hybrid" eClosings
[Update 1: The article now includes a note from Wells Fargo clarifying its relationship with Pavaso]
Wells Fargo named Plano, Texas-based Pavaso as an approved vendor for “hybrid” eClosings, effectively immediately.
Pavaso is a provider of digital process and collaboration solutions for the real estate lifecycle.
The approval opens to the door for Wells Fargo to accept loans closed on Pavaso’s Digital Close platform using the hybrid process.
The hybrid process is when select documents are printed and “wet signed,” but much of the closing package is executed electronically.
“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,” he said. “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.”
Through Pavaso’s Digital Close platform, real estate agents, lenders, title/settlement agents and borrowers can go to a single location for the digital delivery of all disclosures, educational materials and other loan documents
“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.”
A spokesperson with Wells Fargo commented on the releases and said, "Wells Fargo does not approve or endorse eSign third party service providers. Instead, we enable correspondent sellers to select vendors of their choice by contractually representing and warranting to us that the vendor is in compliance with all applicable federal and state laws. Wells Fargo has no contractual relationship with Pavaso."