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Pavaso Achieves SOC 1 Certification of Pavaso Platform for Mortgage eClosing

PLANO, Texas -- Pavaso, Inc., a digital process and collaboration solutions provider, announced it has passed its Service Organization Control (SOC) 1(SM) audit for the Digital Close(SM) platform. This is the second SOC certification for Pavaso, as the company's data center has already been SOC-2 certified.

The SOC 1 audit covered the following areas:
* Client onboarding
* System authentication
* Data submission and storage
* System configuration
* Logical access
* Change management
* System monitoring.

"In a digital mortgage environment, the integrity of the systems and processes used to execute this type of transaction are critical to both reassuring the consumer of the security of the transaction and providing a seamless, positive experience for the consumer," said Mark McElroy, CEO and president of Pavaso. "Pavaso voluntarily underwent this extremely rigorous audit so that we could certify the integrity of the Digital Close platform to our customers. Furthermore, Wells Fargo and Caliber Home Loans recently agreed to purchase loans closed on Pavaso. The SOC 1 is another testament to the quality and security of our products and processes, of which we are very proud."

Per the American Institute of CPAs (AICPA), the creator of the audit, the purpose of SOC 1 is to "evaluate the effect of the controls at the service organization on the user entities' financial statement assertions...[to] comply with laws and regulations such as the Sarbanes-Oxley Act and the user entities' auditors as they plan and perform audits of the user entities' financial statements."

About Pavaso:

Pavaso is redefining real estate for the real world by connecting everyone in the real estate lifecycle through powerfully simple innovation.

For more information on how our platform and solutions can help you meet TILA-RESPA compliance, digitally transform your organization, and dramatically enhance the consumer experience, call us at 866-288-7051 or visit http://www.pavaso.com/.

This news story was published by the Neotrope® News Network - all rights reserved.

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Pavaso Named Approved Vendor for eSignatures with Caliber Home Loans

PLANO, Texas -- Pavaso, Inc., a digital process and collaboration solutions provider, announced it has been approved as an eSignature vendor for digital mortgages by Irving, Texas-based Caliber Home Loans (Caliber). As a result, Caliber will now accept loans from its correspondent lenders that were completed using Pavaso's Digital Close(SM) platform for eSign or eClosing. According to industry volume rankings, Caliber Home Loans was the No. 5 correspondent lender in the nation in 2015, with its 850+ correspondents originating more than $6.6 billion.

"It's encouraging to see major industry players like Caliber understand the need to shift towards a more digital mortgage transaction and make strides to do so," said Mark McElroy, CEO and president of Pavaso. "While eSign is only one component of the eClosing process, adopting eSign into the closing process is an important first step in the path towards a fully digital closing, and one which will make it easier than ever for lenders like Caliber to make this transition."

The Digital Close platform enables lenders to conduct mortgage closings in a variety of formats, from an entirely paper-based transaction to a hybrid paper-eSign environment all the way to a fully electronic closing (i.e. eClosing). The platform is designed to facilitate electronic communication and collaboration between every transaction stakeholder, creating a single electronic repository for all loan documentation and communication. With eSign and eNotarization capability, everyone signs digitally and notaries can even verify and stamp the documents digitally.

About Pavaso:

Pavaso is redefining real estate for the real world by connecting everyone in the real estate lifecycle through powerfully simple innovation. For more information on how our platform and solutions can help you meet TILA-RESPA compliance, digitally transform your organization, and dramatically enhance the consumer experience, call us at 866-288-7051 or visit http://www.pavaso.com/.

This news story was published by the Neotrope® News Network - all rights reserved.

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Wells Fargo Approves Hybrid eClosings on Pavaso’s Digital Close Platform

PLANO, Texas -- Pavaso, Inc. (Pavaso), a provider of digital process and collaboration solutions for the real estate lifecycle (http://www.pavaso.com), announced that Wells Fargo has named Pavaso an approved vendor for "hybrid" eClosings. In a hybrid eClosing, select documents are printed and "wet signed," but much of the closing package is executed electronically. Effective immediately, Wells Fargo will accept loans closed on Pavaso's Digital Close(SM) platform using this hybrid process.

"I'm excited for two very big reasons," said Mark McElroy, CEO and president of Pavaso. "First, Wells Fargo's approval of hybrid eClosings conducted on Digital Close is a major milestone for digital closings in the industry. Hybrid eClosings allow quite a few documents to be handled electronically, making the closing process simpler and more secure for everyone involved. Second, the involvement of such a major retail bank validates that the industry is ready to walk an evolutionary path toward digital transformation. As early trailblazers of this path, this only makes us want to work harder to help the industry get to the next level."

The Pavaso Digital Close platform facilitates electronic communication and collaboration between the real estate agent, lender, title/settlement agent and borrower. The platform makes the closing process easier for all parties by providing a single location for the digital delivery of all disclosures, educational materials and other loan documents. Through Digital Close, lenders can execute a seamless eClosing process that provides superior transparency and borrower education.

Digitial Close also provides built-in eSign and eNotarization capabilities that allow borrowers to sign and notaries to verify and stamp documents digitally. Although Wells Fargo guidelines still require a few documents to be "wet signed," the majority of the closing package can now be executed more efficiently and securely. Pavaso's Digital Close platform accommodates paper, hybrid and fully digital closings.

"This is a long-awaited achievement for Pavaso, Wells Fargo and many in the industry who have long anticipated using Digital Close as their closing platform," said Nancy Pratt, Pavaso's vice president of partner relations and government affairs. "We intend to take this momentum and make the most of it."

About Pavaso:
Pavaso is redefining real estate for the real world by connecting everyone in the real estate lifecycle through powerfully simple innovation. For more information on how Pavaso's platform and solutions can help you meet TILA-RESPA compliance, digitally transform your organization and dramatically enhance the consumer experience, call 866.288.7051 or visit http://www.pavaso.com/.

About Wells Fargo:
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune's 2015 rankings of America's largest corporations. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

This news story was published by the Neotrope® News Network - all rights reserved.

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Arbor Bank Selects the Pavaso Digital Close Platform

PLANO, Texas -- Pavaso, Inc. (Pavaso), a provider of digital process and collaboration solutions for the real estate lifecycle (http://www.pavaso.com), announced it has signed on Arbor Bank to its Digital Close(sm) platform to conduct eClosings for all Arbor Bank mortgage customers.

The Pavaso Digital Close platform facilitates electronic communication and collaboration between the realtor, lender, title/settlement agent and borrower, making the entire closing process easier by providing one digital location to deliver any document, especially the Loan Estimate and Closing Disclosure, along with educational materials. The Digital Close platform's eSign functionality captures the borrower's signature and initials at the start of the transaction so that the borrower need only tap the signature line to sign their documents. Digital Close also supports eNotarization, enabling the notary to verify and stamp the documents digitally. Through Digital Close, lenders can execute a seamless eClosing process that provides transparency and education, supporting fairness to the borrower throughout the transaction.

After the closing, homebuyers stay connected to the business stakeholders throughout their homeownership lifecycle. This affords businesses upsell and cross-sell opportunities and keeps them front-of-mind for homebuyers when it is time to buy their next home.

"We believe the ability to conduct the entire mortgage closing process electronically is yet another way Arbor Bank helps our customers by streamlining a once cumbersome process. This can be especially appealing to both first-time, millennial homebuyers and borrowers that may need assistance reading or signing mortgage documents," said Laura Lasher, president of Arbor Bank's mortgage division. "Further, Pavaso's Digital Close platform helps Arbor Bank deliver on its long-standing commitment to provide customers the best possible service. The fact that it also helps meet the CFPB 'consumer-first' mandate is another plus for customers."

"TRID has exposed inefficiencies and inherent risks in the traditional, paper-based mortgage closing process, and lenders can no longer afford to retrofit old processes to meet these new challenges," said Mark McElroy, CEO and president of Pavaso. "Pavaso Digital Close enables lenders to easily adopt a more TRID-friendly closing process that reduces errors, prevents closing delays and ultimately provides a more streamlined, less expensive, borrower-friendly closing."

About Arbor Bank:

Founded in 1865 in Nebraska City, Neb., Arbor Bank is the oldest state bank in Nebraska. Arbor Bank provides personal banking, business banking, mortgage and ag financing to Southeast Nebraska and Southwest Iowa. For more information, visit www.arborbanking.com.

About Pavaso:

Pavaso is redefining real estate for the real world by connecting everyone in the real estate lifecycle through powerfully simple innovation. For more information on how our platform and solutions can help you meet TILA-RESPA compliance, digitally transform your organization, and dramatically enhance the consumer experience, call us at 866-288-7051 or visit www.pavaso.com.

This news story was published by the Neotrope® News Network - all rights reserved.