Plano, Texas – August 17, 2018 – More than half of all eNote closings registered on the MERS®
eRegistry so far in 2018 have been closed through Pavaso’s Digital Close Enterprise solution,
which enables all parties involved in real estate transactions to communicate, securely
exchange data and create fully electronic mortgages.
According to data kept by MERSCORP Holdings, Inc., which owns and manages the MERS®
eRegistry, the national mortgage registry and legal system of record for identifying the controller
(holder) and location (custodian) for the authoritative copy of registered eNotes, over 3,000
eNotes have been registered to the MERS® eRegistry year to date in 2018. Pavsao indicates that
more than half of these have been closed through Digital Close Enterprise. The platform gives
lenders all the tools needed to electronically deliver, sign, notarize, and store the complete
package of loan documents online, including the ability to execute eClosings, generate a
SMARTNote eNote and automatically register eNotes with MERS.
“These numbers clearly establish Pavaso as a leader in eNote execution and delivery,” said Mark
McElroy, Pavaso president and CEO. “We believe more lenders are choosing Pavaso to create
and execute eNotes because of its unique ability to incorporate all stakeholders in a single
portal, including title agents. No other technology in our industry does that.”
According to the Mortgage Bankers Association, mortgage production costs reached an alltime
high of $8,957 in the first quarter of 2018, an increase of nearly $500 from the previous
quarter. Using Digital Close Enterprise, lenders can execute and submit eNotes to the MERS®
eRegistry, resulting in significant cost savings by eliminating paper, printing costs and time, and
the expense of shipping paper documents back and forth to borrowers and title companies.
Digital Close Enterprise also supports the ability for the lender to electronically perform a postclose
audit of the file and eDeliver the loan package and collateral to the investor, ultimately
saving fraud and risk mitigation costs as well.
According to McElroy, the Pavaso platform has also been shown to decrease costs by
streamlining workflows, since the platform allows all parties – including lenders, title companies,
borrowers and the borrower’s agent – to collaborate together in one central location. By using
Pavaso, closing times can be shortened from 60 minutes to 15 minutes or less, which increases
the speed to funding.
“Pavaso helps lenders save money by creating greater investor liquidity, thereby reducing
warehouse turn times,” said McElroy. “Plus, Digital Close Enterprise’s automated auditing
capabilities and reports enable all parties to eliminate errors and maintain compliance with all
applicable regulations and investor requirements. There’s no other platform that makes digital
closings so safe and easy.”
Texas-based Pavaso is transforming the mortgage process with radically innovative digital
mortgage closing technology facilitating fast, consistent, accurate and compliant closings every
time. Pavaso offers a single, collaborative, secure portal promoting transparency, efficiency,
consumer education and communication in a seamless format delivering value to every
stakeholder involved in the transaction. For more information on how you can streamline your
process and digitally transform your organization, call us at 866.288.7051 or visit
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