Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.93%0.00
Mortgage

Pavaso helps Nevada welcome first residential hybrid eClosings

Plus, program for eNotarization underway

Nevada is the latest state to welcome residential hybrid eClosings, partnering with mortgage technology provider Pavaso to help three Nevada residents in their closings.

All three of the eClosings took place in Reno at a Greater Nevada Mortgage title partner office.

The hybrid eClosing is the result of investor requirements that make a small number of documents have to be “wet signed,” causing the borrower to have to  physically affix a signature to the documents.

Nancy Pratt, Pavaso vice president of Partner Relations & Government Affairs, added, “Nevada supports the vision of a paperless, fully digital closing, by allowing eRecording. A program for eNotarization is underway, but a hybrid closing is necessary since many investors still require a physical, rather than digital signature for certain closing documents.”

For the process, each wet-signed document was automatically barcoded when printed from Pavaso’s system so that, upon the physical signing of the required documents, the forms could be digitally scanned and imported back into the system. 

From there, the Pavaso system automatically sorted, filed and stored the pertinent information electronically.

While this isn’t the first hybrind eClosing, each state’s individual legislation requirements makes it notable when a new state completes an eClosing.

Most recently, United Wholesale Mortgage took eClosings a step further and announced its first virtual e-close, saying buyers would never have to leave their home or wet sign a single document for refinance loans. UWM’s new solution allows borrowers to Facetime or Skype with the notary, making it the first e-closing borrowers can complete remotely. 

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please