Mountain America tallies 500 E-closings on Pavaso Platform
June 9, 2015
Since their first transaction with Pavaso’s platform on Dec. 31, 2014, the pace of Mountain America Credit Union’s e-closing capability continues to speed up. On June 8, the credit union officially reached 500 transactions with Digital Close, part of Pavaso’s platform and suite of solutions from the real estate innovator.
“It’s a notable milestone for Mountain America and Pavaso,” said Amy Moser, vice president 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 began their partnership last year when they were selected to participate in the CFPB’s eClosing pilot program. The pairing of the two companies has worked out well, especially since they align with a common focus of transforming the consumer’s home buying experience.
“Pavaso provides a ‘journey’ that includes all stakeholders,” said Nancy Pratt, vice president of operations and eStrategy at Pavaso. “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.”
Pavaso’s platform provides a unified process for the industry that dramatically improves the experience for all stakeholders, especially the consumer, by providing a single place that facilitates and fosters communication, education and participation. Businesses have a direct pathway to achieve closings in less time for less money with the platform’s flagship solution, Digital Close, whether the closing happens in paper, fully digital or a hybrid of the two. The main benefits, according to Pavaso, are two-fold: fully tracked, audited and consistent closings that include all stakeholders, and specific business process improvement in one step. Pavaso takes the experience even further with customer loyalty enhancements. By keeping the consumer’s “team” from the transaction connected to them during their homeownership lifecycle on Pavaso, it changes the dynamic on how the consumer interacts with their team after the closing.
The progress and results for both consumers and businesses have definitely been noticeable.
By delivering the entire closing package three-days prior to closing, consumers are proactively reviewing them and getting questions answered before they arrive at the closing table, according to Pavaso. As a result, 70 percent of closings to date on Pavaso are less than 30 minutes, and consumers are responding with positive feedback that their overall experience is much more enjoyable.
“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 mentioned. “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.”
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