The new tool will enable users of the platform, which incorporates both lender and title participation, to conduct the mortgage closing session remotely, including notarizations.
Other systems require additional technology, integrations or multiple portals to conduct a complete, notarized closing, the company says in a release.
The new tool was developed in direct response to the rapidly growing interest at the state level in allowing remote notarization.
Currently, remote notarization is legal in Texas, Virginia, Montana and Nevada. Several more states, including Indiana, Minnesota and Tennessee, have passed laws or are expected to pass laws introducing remote notarization in the next year.
Nancy G. Pratt, vice president partner relations and government affairs for Pavaso, says development of the tool “is yet another powerful indicator that times are changing in the mortgage and settlement industries.”
“Consumers are demanding more flexibility in choices – it’s no longer just a wish for flexibility in choices – they demand them,” Pratt says. “Pavaso’s unveiling of a remote online notarization tool ensures that the consumer will now be able to experience the convenience, transparency and simplicity of a digital closing no matter where that consumer – or closing agent – might be situated.”