Break out the bubbly.
Pavaso, which offers e-closing and consumer management technology solutions to the mortgage industry, reports that it has recorded its 2,000th live transaction on its Digital Close platform.
In addition, more than 6,500 user accounts – spanning from mortgage lenders to title and settlement agents to Realtors and consumers – have been created in the platform, the firm says.
“Our approach is simple,” says Mark McElroy, president and CEO of Pavaso, in a release. “We think about which issues the industry is facing now and which ones they’ll be facing in the near future. Then we solve those problems by building creative, relevant technology based on solid process re-engineering.
“When we started designing and building the platform from the ground up in 2010, we studied the closing process very carefully and developed a single platform where the consumer, lender, real estate agent, title company, investor and other service providers could, together, reap benefits through collaboration,” McElroy adds. “The key to all of this was focusing like a laser on the consumer’s experience.”
Pavaso was one of the participants in the Consumer Financial Protection Bureau’s e-closing pilot. Working with Utah-based Mountain America Credit Union and New York-based Franklin First Financial, Pavaso facilitated more than 550 e-closings in both the basic and advanced e-closing categories during the pilot, which was completed last year.