Mountain America Credit Union’s eClosing capability has reached 500 closings since their first transaction with Pavaso's Digital Close solution on December 31, 2014, according to a recent press release. The Digital Close technology is part of Pavaso’s platform and suite of solutions from the real estate company.
“It’s a notable milestone for Mountain America and Pavaso,” said Amy Moser, VP of Mortgage Services at Mountain America. “We’ve proved that homebuyers overwhelmingly respond positively to eClosings, and that it’s not difficult for businesses to implement. With almost 30 title companies now on board in the Salt Lake area, and more coming online each week in other markets, it won’t be long before we double that. We’re excited to see how much further we’ll go with a partner like Pavaso.”
Mountain America and Pavaso made their partnership official last year after being selected to participate in the CFPB’s eClosing pilot program, according to a release. Both companies share similar goals of transforming the consumer’s home buying experience.
“Pavaso provides a ‘journey’ that includes all stakeholders,” said Nancy G. Pratt, VP of Operations and eStrategy at Pavaso, Inc. “Helping everyone in the transaction, including the consumer, through a much simpler and more efficient way to participate is key to the success we’ve experienced. The progress we’ve made with Mountain America over the last few months is exciting, as it proves that consumer markets and the industry aren’t waiting any longer to change.”
According to the release, Pavaso’s closing platform provides a unified process for the industry that greatly improves the experience for all stakeholders, especially the consumer, by providing communication, education, and participation all in one place. Business are able to complete closings in paper, fully digital, or a mix of the two in less time for less money with the Digital Close platform.
Digital Close’s main purpose is to provide fully tracked, audited, and consistent closings that include all stakeholders, and specific business process improvements in just one step, according to Pavaso. The company also offers an even better experience with customer loyalty enhancements. Pavaso changes the dynamic on how the consumer interacts with their team after the closing by keeping the consumer’s team from the transaction connected to them during their homeownership lifecycle.
The closing solution delivers the entire closing package three days before closing and gives consumers a chance to review the materials and get any questions they may have answered prior to arriving to the closing table, Pavaso says. As a result, 70 percent of closings to date on Pavaso are less than 30 minutes, some even happen in 15 minutes.
The company has said they are receiving positive feedback from consumers saying that their overall experience is much more enjoyable, and these results are timely, especially with the TILA-RESPA rule just around the corner.
“It’s no secret that closing on a home is going to take longer while the industry figures out delivery of the new TILA-RESPA Integrated Disclosure forms,” Pratt said. “Utilizing Pavaso will give businesses a significant competitive advantage, as they will simply be able to complete transactions faster than those who will still be wrestling with it.”