MReport February 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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4 | M R EP O RT MTECH Pavaso to Support Remote Online Notarization THE COMPANY IS WORKING TO EXPAND OPTIONS FOR LENDERS AND SETTLEMENT PROVIDERS. P avaso announced that it is ready to support remote on- line notarization (RON) in Florida and Idaho effective Janu- ary 1, 2020, the date state legisla- tion authorizes the practice. State commissioned remote electronic notaries (eNotaries) can select the Pavaso platform to complete RON eClosings, which gives home buy- ers and sellers the option to close real estate transactions remotely, from almost anywhere in the world. Both Florida House Bill 409 and Idaho Senate Bill 1111 were adopted in 2019 to expand eNo- tary privileges to include RON. In addition to the in-person electronic notarization (IPEN) of digital documents, eNotaries may now electronically notarize (eNotarize) documents from a different location than signers. The process utilizes a secure internet connection and two- way, audio-visual technology to facilitate, document, and create a recording of each RON session. When conducting RON transac- tions, eNotaries must be physi- cally present in the state where they are commissioned but signers can complete the closing from a location of their choice. Before eNotaries can begin offering RON, they must satisfy state-mandated legal and techni- cal requirements. In Florida, that includes a requirement to utilize an electronic notarization platform that has been approved by the State, which Pavaso has been. "Pavaso is focused on creat- ing a best-in-class experience for lenders and settlement provid- ers so they can offer options to their customers who want or need the flexibility to complete their closings from anywhere they choose," said Jeff Tischler, President of Pavaso. "We have a proven record of facilitating RON transactions, and we are ready to work with and support the growing number of states that have embraced this valuable technology-enabled service." Streamlining the Broker Vetting Process PROGRAM LOOKS TO ENHANCE VENDORLY'S THIRD-PARTY RISK MANAGEMENT METHODS. V endorly, a vendor over- sight platform for financial institutions, announced the launch of a third-party origina- tor (TPO) oversight program for mortgage lenders to streamline the broker vetting process and create a central repository for due diligence documentation. The program further enhances the Vendorly third- party risk management (TPRM) methodology and complements mortgage lenders' existing vendor management programs. Expanding the Digital Experience The industry enters a new decade with a plan to expand both the consumer and professional experience with new technology and processes.

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