Dallas-based technology provider Pavaso announced Tuesday that it has been able to drop closing times to under 15 minutes with its Digital Close solution. Using the Pavaso platform for digital closings since Dec. 31, Mountain America Credit Union and Bonneville Superior Title Company have seen more than half of their closings occur in under 30 minutes — two were under 15 minutes.
“We had to verify the times with the escrow officers because we didn’t believe it at first," said Amy Moser, vice president of mortgage services at Mountain America Credit Union.
The companies are using Pavaso's Digital Close and Signing Table solutions for the closings. Digital Close seeks to bring all stakeholders of a closing, including the consumer, together to collaborate, communicate and complete tasks in a standardized closing process. Signing Table is a Windows 8 application that is accessed by everyone at the closing table on a touch-enabled tablet. Signing Table not only includes a click-to-sign functionality, but quality control mechanisms that ensure all documents have been viewed and signed before closing can happen.
“It’s easy to use, and setting it up was fast,” said Kirk Smith, president of Bonneville Superior Title Company. “The Windows 8 application not only speeds up the entire closing process, but provides a really nice presence to the consumer at the closing table. And it’s nice to know that the error-prevention built into the solution prevents incomplete closings from happening.”
As the implementation deadline for TILA-RESPA looms ever closer on Aug. 1, lenders and title companies are looking for ways to adapt to the changes they will have to make to be compliant. The Consumer Financial Protection Bureau began an eClosing pilot program last year to help identify ways to make the closing process more efficient and easier for consumers. That program paired up Pavaso and Mountain America and the two have been working together apart from the pilot to improve the closing process.
Mark McElroy, president and CEO of Pavaso, said Pavaso is excited about the results from the collaboration.
“We’re looking forward to a very successful relationship with Mountain America,” McElroy said. “Especially since we’ve only scratched the surface of what the platform can do for them."
Moser agreed. “Pavaso’s platform and solutions allows us to take our closings to a new level,” Moser said. “The ability to stay in our current LOS, seamless workflow with our title partners and securely connecting with our members on a wide variety of devices opens the door to an innovative customer experience with further operational efficiencies.”