As the Consumer Financial Protection Bureau (CFPB) blazes down the path to make home-buying easier for American consumers, they announced a big initiative earlier this year in April to conduct a pilot on digital closing platforms (also known as e-closings). Now it’s official - the CFPB has announced the technology platforms to be deployed for the pilot that will provide data for analysis on how the electronic closing process affects the mortgage transactions and consumer’s experience.

After many technology firms applied for the pilot, Pavaso, Inc. was selected as one of the final vendors to actually participate with its solution, Digital Close. Grounded by the Pavaso Platform, Digital Close provides an engaging experience for the consumer, taking advantage of touch-screen and digital signature technologies, while also providing the professionals with business intelligence capabilities by way of capturing an incredible amount of data points in the background for analytics.

"We consider this a great honor, and testament to our solutions, to be selected by the CPFB to perform this pilot,” said Mark McElroy, President and CEO of Pavaso. “This is a historic event for not only Pavaso, but for the entire industry as we establish a foundation for electronic business in mortgages and the Real Estate Industry.”

As part of the qualification for the pilot with the CFPB, the technology platforms that would perform electronic closings had to meet these minimum requirements:

· Managing document and data transfer

· Providing a secure technology platform enabling transparent, collaborative workflow

· Facilitating electronic signature

· Ability to audit

· Ability to sanitize data

“The Pavaso Platform and Digital Close solution were created so stakeholders can come together in the same platform. As a result, organizations receive the benefits of automating compliance, increasing efficiency, and driving down operational costs, all the while giving the consumer an opportunity to participate and understand what may be the biggest transaction of their lives" said Chris Ayoub, Pavaso's chief operating officer.

Pavaso will be working with Franklin First Financial, Ltd. to deploy the Pavaso Platform and Digital Close as their technology vessel for the completely digital closings. A lending institution based in New York, they exhibit the same excitement and sentiment on digital transformation shared by Pavaso and the CFPB.

“Franklin First Financial is elated to have been selected to take part in this innovative pilot program,” states Frederick L. Assini, President and CEO of Franklin First Financial, Ltd. “These are exciting times in our industry. E-closing will dramatically change how business is done by cutting down costs. To be selected as a pioneer in the e-closing forum is an honor. Giving our customers exceptional and unmatched service is our number one priority. To be able to offer them e-closing goes hand in hand with this commitment.”

As all eyes focus on the start of the CFPB pilot to test-drive digital closings in the wild this Fall, it will be interesting to see what can be learned through the study. What will consumers think? How will the promises of digital transformation by innovators and tech vendors play out?

“The results from this pilot may show what we believe already, that this is the answer to efficiency, reduction of expense, increase in speed, fairness to the Consumer, and compliance with regulation can be solved in one single solution,” said Mark McElroy, CEO of Pavaso.

Pavaso is an innovative technology company in the Real Estate Closing industry. We've created a powerful digital closing platform that takes the best of the web's collaboration and social features, integrations, analytics and enterprise scalability to bring everyone in the closing process together on the same page.

For more information on how our platform and solution offerings can help you meet TILA-RESPA compliance, digitally transform your organization, and dramatically enhance the consumer experience, call us at 214.377.1795 or visit www.pavaso.com and schedule a demonstration of the solution revolutionizing real estate.