Pavaso Partners With Lender for First Residential Hybrid Closing in Nevada

August 15, 2017

Greater Nevada Mortgage and Pavaso recently teamed up to enable three Nevada residents to complete the first residential hybrid electronic closings in the state.

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

“Nevada supports the vision of a paperless, fully digital closing, by allowing e-recording,” said Nancy Pratt, vice president of partner relations and government affairs for Pavaso. “A program for e-notarization is underway, but a hybrid closing is necessary since many investors still require a physical, rather than digital signature for certain closing documents.”

These otherwise traditional home closings were made historic by Greater Nevada’s use of the Pavaso Digital Close platform, through which the typically hefty package of documents were digitally delivered to the buyers three days before closing. This allowed the homebuyers to review each document online, to understand them, and ask questions prior to closing.

“My clients absolutely loved the pre-review and e-closing process, and I loved that the total time-to-close was under three weeks,” said Theresa Thomson, a real estate agent at Sierra Nevada Properties.

At the closing table, the buyers digitally signed all documents, with exception of a few documents that are required by state law to be “wet” signed.  Each wet-signed document was automatically bar-coded 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 sorted, filed and stored the pertinent information electronically.

“We love that these three e-closings were such a success and a true celebration for our borrowers,” said James Anderson, executive vice president of Mortgage Lending at Greater Nevada Mortgage. “We can’t wait to provide this type of experience to more of our customers.”

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