Plano, Texas-based Pavaso was selected to participate in the Consumer Financial Protection Bureau’s mortgage eClosing pilot program with its solution, Digital Close.
And, according to the CEO, the CFPB's decision to move the mortgage world into the digital era can not be overstated.
"We consider this a great honor, and testament to our solutions, to be selected by the CPFB to perform this pilot,” said Mark McElroy, president and CEO of Pavaso.
“This is a historic event for not only Pavaso, but for the entire industry as we establish a foundation for electronic business in mortgages and the real estate industry,” McElroy said.
In order to make the program, vendors had to meet the following minimum requirements:
- Managing document and data transfer
- Providing a secure technology platform enabling transparent, collaborative workflow
- Facilitating electronic signature
- Ability to audit
- Ability to sanitize data
Pavaso and Franklin First Financial will be working together to deploy the Pavaso Platform and Digital Close as their technology vessel for the completely digital closings.
Digital Close takes advantage of touch-screen and digital signature technologies, in addition to providing professionals with business intelligence capabilities.
“These are exciting times in our industry. E-closing will dramatically change how business is done by cutting down costs. To be selected as a pioneer in the e-closing forum is an honor. Giving our customers exceptional and unmatched service is our number one priority. To be able to offer them e-closing goes hand in hand with this commitment,” said Frederick Assini, president and CEO of Franklin First Financial.
Here is the full list of specially selected participants:
- Accenture Mortgage Cadence
- Blanco National Bank
- Boeing Employees Credit Union
- Franklin First Financial
- Flagstar Bank
- Mountain America Credit Union
- Sierra Pacific Mortgage
- Universal American Mortgage Company