Homebuyers across the country will be able to trade in the traditional stack of paperwork for a tablet to expedite their closing digitally
DETROIT, Sept. 29, 2017 – Title Source, the nation’s largest independent provider of title insurance, valuations and closing services, has partnered with the eClosing platform company Pavaso, in order to simplify the mortgage closing process for homebuyers across the country.
The mortgage process has moved online to fit the needs of the 21st century homebuyer. Quicken Loans, Title Source’s sister company, introduced Rocket Mortgage, the nation’s first fully online mortgage process in early 2016, allowing the company to digitally originate mortgages online. While Rocket Mortgage sparked a FinTech revolution, mortgage closings remain the last part of the homebuying process that requires homebuyers to put pen to paper, and Title Source’s partnership with Pavaso allows Quicken Loans’ clients to finish the mortgage process the same way they started it – online.
“Our goal is to provide a closing experience that is fast and easy, both for the closing agent and the client they are helping,” said Title Source Chief Operating Officer Brian Hughes. “Rather than dealing with a mountain of paperwork, a digital closing allows clients to scroll through every page of their closing package, eSigning each document as needed. Better yet, this technology can be easily scaled so clients across all 50 states are able to use it.”
Title Source has a strong FinTech history, constantly adapting to new technology, meeting the needs of both the lenders and their clients. The company also has platforms to empower transparency by enabling online communication between the client, real estate agent, lender and title agency.
Through the partnership with Pavaso, Title Source will be able to offer secure and efficient eClosing solutions to its clients. This technology enables Title Source’s closing agents to utilize mobile tablets in place of the often 100 pages of paper clients would usually sign. Additionally, the Pavaso platform meets all relevant digital process standards, and provides industry-leading security to every single stakeholder in the process.
“We’ve always believed that Pavaso is the key to a fully digital closing, as it is the only provider to have mastered the complexity of lender and title agent relationships across all 50 states,” said Pavaso Chief Executive Officer Mark McElroy. “While so many companies are focused on eClosing loans in one or two states, Title Source and Quicken Loans are focused on building systems that will scale and allow closings nationwide. It is for reasons like this that we are proud to partner with the industry’s most innovative mortgage lender, and honored that Title Source and Quicken Loans have decided to work with Pavaso.”
“Quicken Loans’ number one priority is simplifying the mortgage process for our clients,” said Jay Farner, Quicken Loans CEO. “Rocket Mortgage made our industry stand up and take notice, and our company continues taking the lead in revolutionizing the mortgage experience with eClosing. We look forward to working with Title Source and Pavaso to provide a radically simple mortgage experience.”
About Title Source
Title Source is the largest independent provider of title insurance, property valuations and settlement services in the nation. The company is a preferred provider to nine of the top 10 retail mortgage lenders and provides commercial title services to real estate professionals, corporations and attorneys nationwide. Title Source is based in Detroit, Michigan, and retains regional operating centers in California, Ohio, Pennsylvania and Texas.
Texas-based Pavaso is transforming the mortgage process with radically innovative digital mortgage closing technology facilitating fast, consistent, accurate and compliant closings every time. Pavaso offers a single, collaborative, secure portal promoting transparency, efficiency, consumer education and communication in a seamless format delivering value to every stakeholder involved in the transaction. For more information on how you can streamline your process and digitally transform your organization, call us at 866.288.7051 or visit www.pavaso.com.
About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2016, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.
Quicken Loans was ranked #10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top-30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s ’100 Best Places to Work in IT’ the past 13 years, ranking #1 for eight of the past twelve years including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.