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The biggest challenge of the next year is going to be the business process changes of TILA-RESPA. Businesses will need to start preparing now in order to successfully embrace the higher level of collaboration and operational efficiency required on Aug. 1, 2015.
There will also be an equally disruptive impact on businesses when millennials start entering the housing market.
The trends in data suggest they’ll be stepping into homeownership soon and when they do, businesses will need to be prepared for the digital experience that this market is used to, and will demand.
Finally, customer retention will continue to be a challenge. With unpredictable customer acquisition, profit margins continuing to be stressed, and consumer markets going further digital, next year will be a critical time to focus on the customers that do come through your door.
Aside from being much more cost-effective, businesses that can provide more than just a banking portal and a mortgage will have much greater success in locking down those customers during the first wave of this technology shift.
Transforming the closing process
To meet these market challenges, Pavaso sought to not only create an e-closing platform, but to truly understand how to improve the closing process, while simultaneously educating the consumer and capturing their interest.
“We simply looked at all of the challenges with today’s closings, and worked to a practical point of optimizing the process for all stakeholders of a transaction,” said Mark McElroy, president and CEO of Pavaso.
The company’s answer became its flagship product, Digital Close.
Built on the Pavaso platform, Digital Close solves challenges of the TILA-RESPA Integrated Disclosure rule from collaboration and delivery, to compliance and more.
It provides a central, digital spot for consumers to collaborate with lenders, Realtors, title companies and service providers, allowing secure communication and delivery of any sensitive information or documents.
“By offering services and apps through the platform, businesses can now meet the consumer where they’ll be during the homeownership lifecycle with a trusted digital connection, making a much easier task out of maximizing upsells and cross-sells and increasing customer retention rates,” McElroy said.
And all of this is achieved in a portal that can be viewed by the consumer on a wide variety of devices, eliminating the need for costly cross-device development for lenders, Realtors and title companies to compete in the new digital landscape.
“Everyone has been asking for a solution like this,” McElroy said. “Our product development stays sharp, swift and modern so our customers don’t have to worry about the overhead associated with delivering technology that’s constantly changing.“
A fluid platform
Pavaso leverages and consolidates key integrations that would normally be cost-prohibitive for many businesses.
The company’s platform is built to be fluid and dynamic to mirror the large, digital consumer markets, yet is also an extension and enhancement of day-to-day homeowner life.
“Simply put — we know technology, we know our customers, and how to cost-effectively bring those two worlds together to create something new and innovative,” stated McElroy.
Closing on the Pavaso platform and Digital Close produces a reliable, repeatable audit trail that not only improves the homeownership lifecycle, but how mortgage backed securities are quantified and delivered as well.
In 2015, Pavaso will release functionality in its platform to create a portable, digital identity that consumers can control and share with lenders, Realtors, title companies and others in order to speed up the closing process even more.
“We have an incredible opportunity to transform the way homes and properties are bought, sold, and maintained in this nation,” McElroy said.
“In the next few years, I think it’s realistic to say that consumers could close on their home in just days, not weeks, simply by leveraging the power that Pavaso brings to the table,” he said.