RamQuest Unveils Platform to Help Standardize Closing Process
May 14, 2013
RamQuest, Inc. and Guardian Consumer Services unveiled Digital Close to the title and settlement industry at the American Land Title Association’s Federal Conference in Washington, D.C. last week. Digital Close is a platform that brings all stakeholders, including the consumer, together in a single, centralized location.
“By doing this, Digital Close not only standardizes and modernizes the closing process but also meets the challenges issued by the Consumer Financial Protection Bureau to deliver a transparent, secure and positive experience for consumers purchasing a home,” RamQuest announced in a release. A number of different but common issues in today’s closing process suggest the need for all participants to come together in the same place and work in concert. The lack of knowledge, involvement, transparency, education, participation, consistency and standardization are all critical factors encountered daily throughout real estate closing transactions.
Three independent components come together to deliver Digital Close. RamQuest’s Closing Market is the integration platform for the entire process and enables standardized connectivity to any system. The common workspace for Digital Close is enabled by Guardian Consumer Services’s (GCS) Pavaso.
In a manner similar to a smartphone, Pavaso allows individual stakeholders to define the type of workspace that they need, as they need it. Finally, Coindata’s Docupad is the device that acts as the control mechanism for Digital Close by managing the documents and recording the steps in the closing process. Think of the Docupad as a desk-sized tablet that creates a consistent, auditable and engaging signing process for the consumer at their closing.