Hybrid eClosings combine some paper documents with electronic documents. For example, the deed and note are often printed and signed by hand, but many of the other documents are eSigned and eNotarized.
Ultimately, much of the closing is completed digitally.
“Making the process digital is the ultimate way to serve our customers at the highest levels of transparency, efficiency and ease of experience,” said Carmen Sherman, COO of Member First Mortgage.
“Our end goals include executing eNotes, with video notarization, and transferring to an eVault by the end of the year. In using the hybrid model now, the first step is easy for us and our investors, and the benefits to the consumer are tangible, Sherman added.
Through Pavaso’s Digital Close, closings can be completed completely on paper, completely digitally, or something in between. Real estate agents, lenders, title and settlement agents, and borrowers are able to collaborate together through the system for a more efficient process.
“We welcome the partnership with Member First and look forward to seeing them reap the benefits that our solutions can offer,” said Mark McElroy, President and CEO of Pavaso. “We commend their bold step towards the digital transformation of their organization and hope they inspire others to follow.”