MReport June 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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4 | M R EP O RT MTECH Lending in a Digital World More lenders and leaders within the mortgage industry are embracing eNotarization, digital processes, and new partnerships. Pavaso Launches Essential Notary THE PROGRAM IS ADVERTISED AS A SAFE ALTERNATIVE FOR IN-PERSON NOTARIZATION OF REAL ESTATE CLOSING DOCUMENTS. P avaso, a provider of digital real estate closing technol- ogy, announced the launch of Essential Notary, an optimal alternative to in-person notari- zation that can be utilized in ac- cordance with state emergency mandates and requirements. Providing safe access to notary services during the COVID-19 pandemic, Essential Notary is a Remote Ink-Signed Notarization (RIN) solution that allows a signer and notary in different loca- tions to complete the signing and notarization of real estate closing documents on paper. Pavaso's secure platform of- fers many built-in features that provide a superior customer experience for this signing option. A signer's identity is validated through trusted, third-party identification verification ser- vices before the signing. Signers must correctly answer a set of knowledge-based authentication (KBA) questions generated from their public and credit records, and use a smartphone to facili- tate automated authentication of a government-issued photo ID. Each document is electronically reviewed on the platform so that any questions can be addressed. Additionally, Pavaso's platform allows for multiple witnesses and observers to join the session as needed or required. Unlike Remote Online Notarization (RON), electronic signatures and notarizations are not used; printed documents are provided to the signer(s) for wet ink signatures to be applied. Documents are signed in view of the webcam, while the notary witnesses the signing of each doc- ument requiring a signature. In some cases, the signer may need to hold the paper up to the cam- era for the notary to see it. When the signing session is complete, the signer(s) follow instructions for sending the documents to the notary for application of the seal. The platform can also capture, via webcam, the assembly and sealed packaging of the wet-signed docu- ments for delivery to the notary, where necessary. Wyndham Capital Mortgage Partners with AI Foundry THE AI SOLUTION WILL ASSIST WYNDHAM IMPROVE THE SCALE OF NEW LOAN VOLUME. A I Foundry, an artificial intelligence (AI) platform company, announced that Wyndham Capital Mort- gage, a digital home lending company, is in production with AI Foundry's Agile Mortgages solution to leverage the cogni- tive robot's mortgage expertise to accelerate its loan origination process. The AI-based solution will help Wyndham Capital Mortgage improve scale on new loan volume, lower costs to pass savings onto the consumers, and remove menial work from operations employees. A recipient of Ellie Mae's Innovation Award in 2020, Wyndham Capital Mortgage has long been a leader in digital transformation. Wyndham em- ploys continuous robotic process automation to reduce manual intervention and menial tasks in their mortgage approval processes, and now looks to AI Foundry's cognitive robots to leverage its embedded mortgage expertise. "Wyndham Capital Mortgage's strategy is to be a leader in the utilization of automation and particularly robotic processing technologies," Wyndham Capital Mortgage CEO Jeff Douglas said. "By implementing Agile Mortgages' cognitive robots, we are now able to push deeper into loan processing stages where document and decision complex- ity limited automation gains." AI Foundry has created an innovative platform that combines the latest in artificial intelligence (AI), machine learning (ML), machine vision, cognitive robots, and other advanced technologies. The company's Cognitive Business

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