Wells Fargo has named Pavaso an approved vendor for “hybrid” e-closings – closings during which select documents are printed and “wet signed” but much of the closing package is executed electronically.
The bank is currently accepting loans closed on Pavaso’s Digital Close platform using this hybrid process. The platform facilitates electronic communication and collaboration between the real estate agents, lenders, title/settlement agents and borrowers.
The platform serves as a centralized repository for all disclosures, educational materials and other loan documents. Through Digital Close, lenders can execute a seamless e-closing process that provides superior transparency and borrower education, Pavaso says in a release.
Mark McElroy, CEO and president of Pavaso, says the “involvement of such a major retail bank” in hybrid e-closings “validates that the industry is ready to walk an evolutionary path toward digital transformation.”
He calls it “a major milestone for digital closings in the industry.”
Although Wells Fargo guidelines still require a few documents to be “wet signed,” the majority of the closing package can now be executed more efficiently and securely using Pavaso’s Digital Close platform.