Real estate technology provider Pavaso and International Document Services, Inc. (IDS), mortgage document preparation provider, have announced their mortgage closing platform collaboration in a recent press release. The firms will combine Pavaso’s Digital Close, an electronic closing platform, and IDS’s document preparation system idsDoc.
This new alliance is expected to align idsDoc’s eSignature and electronic document functions with Digital Close’s electronic mortgage closing function in order to provide consumers with a completely digital mortgage document process from issuance to closing, the press release says. This digital process will be pertinent and useful for lenders as the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) deadline approaches.
“TRID is forcing lenders to reimagine their operations workflow in order to accommodate the disclosure’s required timelines,” said Mark Mackey, CEO of IDS. “Utilizing a digital environment to manage both the doc prep and the closing pieces of the mortgage transaction sets lenders up for even greater success in implementing TRID by August 1.”
Digital Close, a segment of Pavaso’s Consumer Management Platform, allows lenders, title companies, and Realtors to provide consumers with a higher level of customer service and convenience that they demand and deserve. During the complex process of mortgage origination and closing, this platform would offer functionality for each stakeholder to service the consumer.
“We’re thrilled to partner with IDS,” said Nancy G. Pratt, VP of Operations and eStrategy at Pavaso. “This strategic move will expand our reach to lenders, and we look forward to expanding eClosing capabilities for IDS customers. It’s right in line with our commitment to efficient digital closings that transform the consumer’s experience, and give businesses a boost beyond TRID.”