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https://pavaso.com/
Biography
Since inception over 10 years ago, Pavaso’s eClosing Platform was created with a focus on improving the real estate closing process. As a leader in digital mortgage transformation, Pavaso empowers lenders, title companies and real estate attorneys to deliver fully digital and hybrid eClosings through one secure, collaborative platform that streamlines the entire closing process. Designed to enhance your workflow and existing relationships, not replace them, Pavaso connects all permissible parties to exchange information and documents, communicate and collaborate in real-time.
Notes
What is an e-closing?
An eClosing is the act of closing a real estate transaction electronically. This occurs through a secure digital environment where some or all the closing documents are accessed and executed electronically.
Why Should I Complete an E-Closing?
There are many benefits when completing an eClosing, including:
Enhanced customer experience
Reduced cost, risk and time to close
Standardized closings
Improved accuracy and efficiency
Close with confidence
Expedited funding
To learn more regarding the additional benefits of completing eClosings with Pavaso, lenders, title companies and real estate attorneys you may visit the following pages:
What is the difference between eClosing and eSigning?
eSign simply replaces a wet signature with a digital signature and is just one component of an eClosing. eClosings encompass the entire Pre-Closing, Closing and Post-Closing phases of the transaction.
Visit our eClosing 201: Understanding eClosing as a Process page to learn more.
Can eNotes be eSigned on the Pavaso Platform and deposited into an eVault?
eNotes can be digitally signed and tamper-sealed on the Pavaso platform and be deposited into an eVault. We currently integrate with a number of eVault providers and work on new integrations as needed to transfer the digitally signed tamper-sealed eNote and other appropriate documents to be securely stored.
Do all states have laws to support the use of eNotes and eSignatures?
Both federal and state legislation form the legal basis for eNotes and eSignatures. In 2000, Congress passed the Electronic Signatures in Global and National Commerce Act (ESIGN). All 50 states have either adopted laws modeled on the Uniform Electronic Transactions Act (UETA) or have their own statutes regarding electronic signatures. Please consult your legal advisor for more details about these laws.
Do the GSE’s accept home loans completed through an eClosing?
Yes. Fannie Mae and Freddie Mac have long-accepted electronic signatures on all or most closing documents. There might be additional requirements and approval processes when seeking to deliver, service or sell an eMortgage.
Are investors buying loans completed through an eClosing process?
The list of investors who are purchasing loans completed through an eClosing process is growing quickly.
Is implementing eClosings an “all or nothing” proposition?
No. We work with you to help you choose the approach that works best for your company. We can take it one step at a time, beginning with hybrid eClosings or any other type of closing you prefer and create a bridge to move your business to full eNotes when applicable.
Lenders
Title companies & real estate attorneys
What are the types of closings and e-closings?
Currently, the industry utilizes five ways to close:
Traditional Closing
Parties appear in person and wet sign and notarize printed documents.
Hybrid eClosing
Parties appear in person to eSign most documents, wet sign certain printed documents and notarize or eNotarize* as permitted.
Full eClosing
Parties appear in person to eSign and eNotarize all documents.
Remote Online eClosing
Parties attend the closing remotely using two-way audio-video technology to eSign and remotely eNotarize all or most documents.
Remote Traditional Closing
Currently available by Executive Order only, parties attend the closing remotely using two-way audio-video technology, where the notary observes the wet signing of the documents. The wet-signed documents are returned to the notary for them to complete the certification and execution and affixation of the official notary stamp or seal.
Visit our eClosing 101: Closing & Notarization Types Explained page, to learn more.
What are the types of notarizations and eNotarizations available?
There are currently four types of notarizations and eNotarizations available:
Traditional Wet Ink Notarization (TWIN)
Documents are wet ink notarized, in the presence of the notary.
In-Person Electronic Notarization (IPEN)*
Notarizing documents electronically with an electronic seal using an internet-enabled device.
Remote Online Notarization (RON)*
Electronic notarization with participation from separate physical locations using two-way audio-video technology.
Remote Ink-Sign Notarization (RIN)**
Documents are printed and wet ink signed while notary observes via two-way, audio video technology. Those documents are delivered to the notary for certification, execution and affixation of the official notary stamp or seal.
Visit our eClosing 101: Closing & Notarization Types Explained page, to learn more.
Which closing and notarization types are supported on the Pavaso Platform?
Pavaso is a full-service closing platform that supports all real estate closing options, including traditional, fully paperless and hybrid eClosings, which may utilize in-person eNotarization (IPEN), remote online notarization (RON) and remote ink-signed notarization (RIN) solutions. With Pavaso you also have the flexibility to perform contact-free eClosings and change the type of closing at settlement when needed.
Each state in the U.S. has specific laws and regulations regarding eRecording, eNotary, RON, RIN, and eSignatures. It is at the lender and title’s discretion on whether they will use a full eClosing.
What contact-free closing options does Pavaso support?
Pavaso offers three contact-free closing solutions. Visit the following pages to learn more about each one:
In person, contact-free
Remote Online Notary (RON)
Remote Ink Notary (RIN)
What is an eNote?
An electronic representation of a promissory note that is created based on the MISMO® tamper-evident SMART Doc® standard and is executed during an eClosing.
What is an eVault?
An electronic storage facility for executed eNotes.
What is the difference between eClosings and eMortgages?
An eMortgage is produced when an eNote is created and executed during an eClosing process, then transferred and stored electronically. eClosings result in eMortgages only if the promissory note is in a smart document format and signed electronically.
The MISMO eMortgage Guidelines and Recommendations are available at mismo.org.
