Nevada is the latest state to welcome residential hybrid eClosings, partnering with mortgage technology provider Pavaso to help three Nevada residents in their closings.
All three of the eClosings took place in Reno at a Greater Nevada Mortgage title partner office.
The hybrid eClosing is the result of investor requirements that make a small number of documents have to be “wet signed,” causing the borrower to have to physically affix a signature to the documents.
Nancy Pratt, Pavaso vice president of Partner Relations & Government Affairs, added, “Nevada supports the vision of a paperless, fully digital closing, by allowing eRecording. A program for eNotarization is underway, but a hybrid closing is necessary since many investors still require a physical, rather than digital signature for certain closing documents.”
For the process, each wet-signed document was automatically barcoded when printed from Pavaso’s system so that, upon the physical signing of the required documents, the forms could be digitally scanned and imported back into the system.
From there, the Pavaso system automatically sorted, filed and stored the pertinent information electronically.
While this isn’t the first hybrind eClosing, each state’s individual legislation requirements makes it notable when a new state completes an eClosing.
Most recently, United Wholesale Mortgage took eClosings a step further and announced its first virtual e-close, saying buyers would never have to leave their home or wet sign a single document for refinance loans. UWM’s new solution allows borrowers to Facetime or Skype with the notary, making it the first e-closing borrowers can complete remotely.