Nov. 2015-Opportunity Knocks

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8 | Th e M Rep o RT MTECH Cutting-edge Tech Companies Redefine the Industry As forward-thinking companies continue to expand their offerings, real estate and mortgage transactions become more efficient, and investors gain access to more information. Pavaso Completes First End-to-End Digital Real Estate Process The company brings all parTies—homebuyer, home seller, real esTaTe agenTs, lender, aTTorneys, and more—To one single plaT- form To manage real esTaTe TransacTions from sTarT To finish paperlessly. P avaso Inc., recently an- nounced the completion of its pioneering end-to-end digital process for the mortgage/real estate industry with the addition of its sales contract negotiation tool for real estate agents. The tool allows the deal to start digitally and flow through their established process with lenders and settlement agents, creating a unified modern experience for consumers. "Real estate agent feedback has been critical to the development process for the Pavaso sales negotiation contract tool and has allowed us to refine its functional- ity," said Mark McElroy, CEO of Pavaso. "Now that we are confident the tool will help agents to competitively differentiate them- selves in the real estate finance transaction, we're making it available to every market across the U.S." Pavaso's end-to-end real estate process brings all transaction stakeholders together in a secure, collaborative portal. Lenders, settlement agents, real estate agents, consumers, attorneys, service providers, and even investors now have functionality to participate in a digital real estate lifecycle. This process not only solves challenges businesses face with the new TILA-RESPA Integrated Disclosures (TRID), but it also provides an "evolutionary path" for the industry to enter the 21st Century. Starting with pre-closing, the consumer and real estate agent collaborate via Pavaso's sales contract negotiator tool, which allows the buyer, seller, and their respective real estate agents to negotiate and sign a contract online. When completed, the buyer can utilize the Pavaso Certified Finder app to select from a list of service providers already using Pavaso or to invite one to join. Real estate agents can then submit the contract digitally, enabling them to get the deal started quickly with the consumer- selected lender and title company. As the deal begins in the Pavaso Digital Close environment, the new closing process takes shape. Lenders and settlement agents compile and deliver the closing package in a single digital location, providing a new level of transpar- ency, continuity, and communica- tion of progress to the consumer. "A digitally collaborative platform like Pavaso solves challenges the industry is facing with the recent go-live of TRID," said Nancy Pratt, VP of Operations and eStrategy at Pavaso. "By utilizing the digital delivery and tracking capability, businesses can comply with the three-day rule for the Loan Estimate and Closing Disclosure form, and even the entire closing package." Once delivered, Pratt said, consumers are notified to log in to Pavaso to review the documents. Within the three days of receipt, the borrower can access educa- tional materials in multiple media formats or contact the appropriate agent to ask questions via chat or secure messaging. When they're ready, the borrower simply acknowledges each document, which Pavaso captures as their intent to sign at the closing. At the closing itself, closing agents can use either the Web closing feature of Digital Close or Pavaso's Signing Table app for Windows 8 touch devices. Combined with the digital delivery and acknowledgement capability, this functionality leverages eSigning and eNotary functionality to make the closing quick for the consumer. Because the consumer has the ability to have his or her questions on his or her closing package documents answered before the closing date,

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