Although the move toward eClosing – fully automated system-to-system verifications from application through closing – is shrinking both time and cost while driving a better overall consumer experience, many companies still revert back to the dark ages of paper closings.
With Asurity’s integration into Pavaso, clients have access to both hybrid and fully paperless eClosing. This not only eliminates many of the paper post-closing trailing issues, such as missing signatures and documents, but it also assures investors that the data on the documents match so they can fund with greater speed and confidence.
One of the significant benefits of a full eClosing is the value of a SMARTDoc™ eNote that can be verified for compliance before and after closing to ensure a greater level of data integrity. Once the loan is closed, the closed file is automatically wrapped in a tamper evident seal to maintain that integrity.
It has taken the industry a long time to get to this point, but with Freddie Mac pushing their Loan Quality Advisor and Fannie Mae Day One Certainty advantages, the ability to fund next-day with certainty is around the corner.