3 Misconceptions about Borrower Collaboration

In recent months, “Borrower Collaboration” has proven to be a hot topic surrounded by much discussion. However, it has been widely misconstrued in how it fits in with the current mortgage procedure. We’d like to clarify what it really means and the effects it has on inclusion in the closing process. Here are 3 Misconceptions of Borrower Collaboration:

Engaging only at the beginning of the loan embraces full Borrower Collaboration.  

So many people believe that Borrower Collaboration is something that can be achieved with only the application or searching for a Loan, and then no other touchpoints throughout the mortgage process. Technically, yes, you “collaborated”, however, true Borrower Collaboration spans beyond an online origination, engaging and collaborating with consumers from the beginning of the transaction through closing, servicing, and eventually the next loan. Borrower Collaboration should be viewed as a situation where once you are connected, you are connected for life, constantly updating and engaging with borrowers.

Collaborate and done; no relationship required.

This industry must escape this all-too-common mindset, and needs to start moving to real relationships with borrowers. In today’s world, the most relevant way to connect with these customers is through business social media techniques to build electronic relationships with borrowers, from the beginning of the transaction throughout the life of the consumer. Once the industry recognizes and begins to apply these concepts, an entirely new business model emerges, which is both cheaper and more repetitive compared to the current “burn-and-churn, one-and-done” approach.

Borrower Collaboration is communication with only the Borrower.

True Borrower Collaboration should go one step further by creating collaboration, not just for the Lender but for Title, Real Estate Agents, and other service providers together. After all, that’s what the transaction is to the borrower. Because each party is involved with the transaction, a unified front of active communication is needed to truly engage the consumer and create the definition of Borrower Collaboration.

The old adage, “it’s much cheaper to keep a customer than get a new one,” now applies more than ever before. Here at Pavaso, we turn a mortgage into a lifetime electronic relationship where customers build loyalty to those who engage with them. As if it could get any better, this connection with Borrowers also reduces expenses, creates new revenue, produces fewer errors, features higher security, and allows for faster closings. 

Integrating eNotarization into Your Digital Strategy

Throughout the industry, eNotarization is one of the more commonly misunderstood aspects of the digital closing process. To integrate this process successfully into an overall digital closing strategy, there are a few key elements that must be in place: 

State Approved eNotary

There are many states that must certify eNotary systems and/or approve individuals to eNotarize documents. Lenders need to review the procedures of their eNotary provider because, although many early systems made some headway, their focus was too wide. Most providers only pursued blanket approval from states for all types of notarizations and did not look at the specific requirements for notarizing mortgage-related documents. Early approvals like these set the standards that may not be not applicable today and, in many cases, are incorrect, creating approval processes that do not meet mortgage industry requirements.

Embedded Notary

As we explained in an earlier post, document notarization, whether executed electronically or on paper, is an integrated component of the entire closing process. Trying to execute this activity as a one-off or separate from closing is wildly inefficient and risky, not to mention the fact that it disregards the CFPB’s directive to improve the closing experience for the borrower. Therefore, lenders should choose a provider that incorporates eNotarization as part of their overall closing platform, so that this functionality works to streamline the closing process rather than to obstruct it.

Understanding what eNotary really means

Contrary to what much of the mortgage industry steadfastly believes, physical presence and proof of identity are required with eNotary. In fact, identification is more accurately and efficiently verified electronically than it can be in the paper world. However, state regulators fear that eNotarization means documents will not be notarized in the presence of the notary, which is simply not true. Audit trails that track eNotarization are highly detailed and always available in Pavaso, which provides an abundance of proof of the details associated with all actions that take place, and not just at the closing, but for the entire process from start to finish.

Would you ever ask a notary for their credentials and proof of their commission being valid when you wet sign documents?  Would you ever check with the government to make sure the information the notary provided was valid and that they are in good standing?  No one has ever done that and would be hard pressed to get their documents signed if they tried to get that information on the spot.  In the digital world, the validation of credentials happens each time to make sure everything is valid and correct.  Secretary of State data bases are cross-referenced with eNotary solutions to be certain that all information is current, allowing only properly registered notaries to perform their duties.

eNotary is a prime example of a technology delivering a standard before businesses have caught up to define what is actually needed. This can easily be changed, but states need to consider business process benefits and the needs of the industry, just as much as the technology that is used to execute the process. In the near future, we expect to solve this issue by constructing a process where states approve closing platforms specifically for mortgages and other types of loans.  This will eliminate the concerns and unnecessary complexity of covering all the scenarios for any notarization, and will instead focus on the more streamlined mortgage process.

eNotarization involves much more complete verification and assurance that a notary has done their job correctly, and should be included as a part of any company’s digital strategy.

The Issues With Your Doc Prep Provider

Just as gasoline doesn’t work well in diesel engines, not all technology works well with your business.  The old version of technology, that has lived in the industry for the past 20 years, cannot thrive in today’s digital world. It’s time for a change. The two areas that should be of concern to Lenders are LOS Systems and Document Preparation technologies. It’s likely that the use of LOS’ will survive a bit longer, however, Document Prep companies are having serious issues with the ever-changing need for data in this fast-paced world.

Looking back, you can understand that what was once innovative 25 years ago, was only innovative compared to the other technology of the time. The problem is that many of these same companies are now twisting and manipulating the unchanged technology in an attempt to fit the new needs of the industry, leading to trouble providing good service and quick turnarounds. The risk associated with document preparation technology outweighs any other, simply because it’s no longer just about documents!

Every company says, “Trust us, we’ll have what you need,” and to some extent, they might. However, as we dive further into this new digital world, these companies will always be one step behind innovating leaders, keeping you waiting for them to catch up. You need a provider who has the technology you need, when you need it, and even before you know you need it. As you start to realize the limits of your current capabilities, we recommend you look to the future for your technology needs. Some providers, like SigniaDocs, were specifically built on new approaches, different ideas, and the discoverable weaknesses of other document preparation companies.

Now that you realize that your current technology won’t make the cut, when selecting an advanced provider, we urge you to make a decision based on data. Find a company that manages data with the ability to produce any media, whether it be MISMO 3.3, 2.4, 10.10, custom data files, Smartdocs, BlockChain, eNote, or paper. This gives you the flexibility to utilize the newest technologies that will work ideally in a digital mortgage world.

After all, history has shown that those who don’t change, don’t survive. Don’t get yourself caught up in antiquated technology that was built for the mortgage industry 25 years ago; choose a company built for today and the future.

Where Current eNotary Tech Falls Short

Electronic document notarization (a.k.a. eNotarization) is certainly an idea whose time has come, and for lenders that are pursuing a digital closing strategy, this technology should be at the top of their wish list. However, the eNotary solutions on the market today aren’t really ready for primetime. Here’s why.

Most eNotary solutions have been developed using the assumption that a notarized document exists independently from the rest of the real estate transaction. Thus, most solutions that accommodate eNotarized documents do so in a single document format.

In reality, document notarization is just another step embedded in the closing itself. There is no separate payment for those services, as it is simply included in the closing costs. In many cases, the notary is an employee of the title company or the lender. In others, the closing agent offers document notarization in addition to escrow and/or other services.

This reality is what eNotary service providers have failed to understand. You cannot reasonably expect to charge $50 for notarizing a closing package or up to $15 for each individual document. That’s not a permissible fee for lenders to charge, and because the closing is conducted as one complete transaction, it becomes difficult to eNotarize documents on a one-off or document-by-document basis.

In addition, eNotarizing documents in such a piecemeal fashion is both inefficient and creates a negative experience for the consumer, which flies in the face of what the CFPB expects. In the Pavaso platform, eNotary is simply a part of the closing, and a closer using our system is a licensed notary able to notarize as part of the closing process.

Speaking of integration, there are serious security risks to sending documents outside the closing system for eNotarization because doing so breaks the chain of custody and potentially exposes borrowers’ personal information. That’s why, in Pavaso, the documents don’t leave the system until they’re completed.

As you can see, one-off eNotarization providers still have some issues they need to work out before their solutions can be truly functional in a digital mortgage closing environment. However, this should not dissuade lenders from pursuing a digital closing strategy. Instead, lenders should seek out closing solutions that incorporate eNotarization as part of the full closing process. 

The Right Technology is a Moving Target

It would be an understatement to say that technology floods our marketplace today. Its presence has not only completely changed how we live our everyday lives, but how we think and expect the world to work. For example: In today’s society, it’s expected for your company to have an accessible website, is it not? So as expectations change, why does the mortgage industry remain stagnant? Why are we slow to adopt technology when it can only provide benefits to reaching and engaging with potential customers? Much of it comes down to the fact that we aren’t sure where to start. How do we find a technology that fits our business? How can we implement new technologies within our organizations without changing our everyday business workflows? We’re here breaking down how to successfully fulfill a technology project with 10 Key Principles that any business can follow. Here’s an excerpt from the white paper, Why Technology is so Difficult, on Principle #8 to mastering and applying technology successfully.

“Principle #8 - Best is the Enemy of Better

“Best” is a moving target. What’s best today could be passé tomorrow, and if you are constantly chasing “best,” you will ultimately spend inordinate amounts of money and effort on something that you may never achieve. Instead, let your business decisions be guided by “better.” Create a culture of continuous business process improvement where the goal is to move the needle forward just slightly each and every day. This “slow-and-steady” strategy will keep you as close to best – whatever it ends up being – without churning through resources unnecessarily to get there.”

The idea of “continuous business process improvement” is especially significant because this is the key to mastering any sort of organizational change, not just technology. In our blog post on Principle #7, we talked about how all technology has a shelf life and the importance of choosing a technology that can evolve with your business in the future. This is so imperative with technology because the idea of the best technology is ever-changing, just as the industry changes. Allow your technology projects to be flexible, and ensure that they are leading your business in the right direction, not the easiest direction. After all, what does it say about your business if you are stuck with a decade-old process? Don’t let technology be a barrier for your business. Follow these 10 Principles and master the seamless implementation of any technology project.

To learn more about all 10 Principles, download our white paper, Why Technology is so Difficult, here.  

Who's In Charge of Business Technology?

Have you ever wondered why technology projects for mortgage companies often fail? With technology at our fingertips today, it’s becoming more important than ever before to evolve. Why do we seem so slow to adopt new technologies? Uneasiness with using technology, especially when implementation may disrupt daily processes, seems to be the most likely culprit. Here’s an excerpt from our white paper, Why Technology is so Difficult, on how to master and apply technology successfully.

“Principle #5 - It's NOT an IT project.

A by-product of past frustrations, many executives default to IT on every project – leaving IT to define and discover the effectiveness of technology either built or bought. This results in an impossible circumstance for the leader of IT, as thesis deference and deflection of business definitions leave them to interpret and assume, rarely resulting in success. Many IT leaders have succumbed to dismissal simply because they are perceived to have not performed, when in reality they never have a chance to succeed from the beginning.

This approach also makes it impossible for a business to innovate, as the challenge of vision and betterment falls victim to deference to IT leaders. The result is clearly missed opportunities and chances for business to gain and sustain competitive advantage.

Even when a business has the highest performing IT leader with the best of knowledge of the business, conflict and misunderstanding will result in perceived failure. The business simply cannot defer the definition of vision, detail, objectives, or expectations. The lack of definition of a process would be equivalent to no blueprints while building a house. The end result is not getting what you thought you were getting and poor construction of the end product.

Do not defer to IT. Instead, create a team that equally represents the different areas of your organization and allow them to lead the project to ensure business objectives are being met. The role of IT is to ensure technology is operational. It’s the organization’s responsibility to ensure the technology is functional. Technology should be an enabler for positive change within the business. Stay focused on the business objectives you want to achieve, such as a percentage reduction in labor, time, or an improvement in customer service.”

This Principle couldn’t be more accurate. IT does not drive strategy, nor should it. Pushing total responsibility for an implementation project to the IT department without clear direction on business objectives not only leaves them confused, but it also dooms the project for failure because you’ve taken executive drive for the project out of the equation. See your project through both the planning and implementation phases to ensure that the project meets its intended objectives. Don’t let your competitors pass you by because your business can’t find a way to adopt technology.

To learn more about all 10 Principles, download our white paper, Why Technology is so Difficult, here.  

Objections as Obstacles or Opportunities

Technology and the mortgage industry have been slow to combine throughout the years. Mainly because no one is quite sure how to marry the two in harmony, with little disruption to the daily workflow. We’re here breaking down how to successfully fulfill a technology project with 10 Key Principles that any business can follow. Here’s an excerpt from the white paper, Why Technology is so Difficult, on Principle #1 to mastering and applying technology successfully.

“Principle #1 – It all starts and finishes with the Business

Every technology project – whether purchased or built – must start with clear business objectives. These are the expectations of the company that, if achieved, would result in reduced expenses, service improvement, or revenue growth. As an executive, you must set these objectives as the target for a project team to achieve. This and this alone defines success or failure in every project and gives both sides of the equation the target to rally around and come together to achieve.

Often, the operations side of the project will point out a valid obstacle which, rather than posing a simple challenge to overcome, becomes the reason to not do anything. The simple fact is nothing is impossible, and the leadership of each company should not tolerate this “Devil’s Advocate” approach to business objectives (i.e., allowing an objection based on fear to be the reason for inaction). Condition your teams to view these objections as the very product tasks they must overcome and not an excuse to stop taking action for the benefit of the company.

Don’t let business objections become the obstacle for taking action. Instead, view business objection as a challenge to be overcome. Each challenge and objection is something the team must figure out and should not be the reason for stopping.”

It’s clear that without a determined goal or plan for business applications, technology goes nowhere. Perhaps the most significant takeaway from this excerpt is that a project worth starting is one worth finishing, even if obstacles occur. Can you think of a time when you threw an idea out altogether simply because you hit a roadblock? It happens all the time and absolutely stifles innovation. Don’t let your company be an organization where technology misses the mark. Following all 10 of these Principles will allow your business to master the seamless implementation of any technology project.

To learn more about all 10 Principles, download the white paper, Why Technology is so Difficult, here.  

Technology for Today & Tomorrow

How can your business harness technology and its benefits, and how do you know what to look for in a technology project? A considerable portion of the mortgage process is still done on paper, and not much has changed in the last 50 years. Some have attempted to experiment with technology by implementing small tech projects here and there, but oftentimes the technology becomes a spot solution for the issue you’re experiencing today, with no capability to grow. What happens when the market changes, regulations become enforced and new issues arise? We’re here breaking down how to successfully fulfill a technology project with 10 Key Principles that any business can follow. Here’s an excerpt from the white paper, Why Technology is so Difficult, on Principle #7 to mastering and applying technology successfully.

“Principle #7 - Change is the only constant. Be a visionary.

Technology has a very short shelf life, so choose based on vision and evolution. When purchasing a product, you must not only look at the needs of today but also at how the product will evolve into the future and solve the issues of tomorrow. A perfect example is the massive change occurring in the mortgage industry. You need a solution which covers the paper needs of today but also evolves and supports a transition to digital closings. Don’t choose a spot solution. Look for the evolutionary path of the business and anticipate your needs 6, 12, 24, and 60 months out. In doing so, you put your
company in a much better position for success and will ultimately spend less money.”

This Principle is so key to the mortgage industry because, without a long-term vision, your business is likely to struggle with seeing the true benefits of technology. The easiest technology to adopt for today’s issues is often not the same solution for the issues to come. In fact, most of the spot-solution technology currently in the industry today can easily become obsolete by something better, faster and cheaper, leaving you to endure the purchasing-implementation-training cycle over and over again. What a headache! Of course, no one expects you to have all the answers about exactly what you’ll need three years from now, but you need to have a vision, direction, and most importantly, the mindset to choose a technology from the start that can evolve with your needs and demands. That’s much easier and cheaper than all these different spot solutions, right? Following all 10 of these Principles will allow your organization to master the seamless implementation of any technology project.

To learn more about all 10 Principles, download our white paper, Why Technology is so Difficult, here.

The Root Causes of Technology Failures

It seems that the mortgage industry has a love/hate relationship with technology. Mortgage professionals are quick to tout the benefits of technology, but when it comes to brass tacks, they are wary of implementing new technologies, mainly because these projects don’t have a successful track record. As a result, new technology has been slowly adopted in the form of spot solutions within the mortgage process, these implementations are often executed ineffectively. Thus, many technology projects fail during execution or shortly after. But why?

In general, implementation failures can be attributed to one of the following:

• Poor or incomplete specification of requirements
• Assumptions by technologists on the meaning of the requirements

Creating a concrete definition of the requirements for a tech implementation project and monitoring that project based on those defined requirements is imperative. Try building a house with no blueprints and only half the necessary materials. It’s not going to turn out well.

After determining concrete requirements, many projects are handed off to the IT department; it’s an IT project after all, right? This is where these kinds of projects can really go off the rails.

Oftentimes, the IT department wasn’t involved in the decision-making process, providing them with little to no insight into the strategy behind the implementation. Without this critical information, IT has little choice but to define a successful implementation as “software up-and-running” versus “effectiveness at achieving the technology’s intended purpose.” It’s then only a matter of time until the project becomes dismissed because it couldn’t perform, when in reality, it never had a chance to succeed in the first place.

So how can you avoid the all-too-common technology disaster? We’ve broken it down into 10 key principles that will ensure that your business can adopt technology without daily chaos. These principles and the path to mastering technology within your business can be found in our white paper, Why Technology is So Difficult, available for download here.

Arbor Bank Breezing Through Closings

The Omaha World-Herald released an article this week featuring Arbor Bank’s recent mortgage closings with Pavaso. The World-Herald highlights Dale and Darla Langendorfer, seasoned homebuyers, who completed the signing of their mortgage documents digitally, without leafing through paper or even touching a pen. In under three minutes, the Langendorfer’s signatures and initials were placed 48 times across a 75-page stack of documents using Pavaso’s platform technology. Can it get any easier than this?

Arbor Bank is using Pavaso’s Digital Close Enterprise^SM to deliver all closing documents to consumers and fully complete their closings online. There’s no doubt that homebuyers like the Langendorfer’s much prefer this method to the traditional paper closing process. We’re so happy to see Arbor Bank offering their customers the ease and simplicity of a digital closing. The World-Herald also mentions that Arbor Bank is the only Lender in the metro-area to offer this technology, clearly positioning Arbor Bank as the go-to Lender for homebuyers. Great job, Arbor Bank! We look forward to sharing in many more future successes!

You can read the full article from the Omaha World-Herald here.   

A Tale of Two Processes

In the past, the process of buying a home was remarkably simple, and made a lot of sense for the type of world we lived in. In that world, a homebuyer worked with their local real estate agent, bank and title company, and knew them as they were part of their community and daily lives. Things became more complex and less personal as home buying grew beyond local boundaries and technology exponentially advanced, but the process didn't really change. Today, the industry is left with a process that is unfit to efficiently perform the activities and obligations involved with buying a home.

Enter Pavaso.  Our vision of a new process is one that utilizes technology to improve efficiency, accuracy, communication and collaboration. It's not meant to replace people.  Rather, it's meant to help them overcome the challenges of today's marketplace.  In a time when TRID has complicated the entire industry further, a new process that can simplify the transaction and can be easily implemented within a business is the key to so many of the issues you're facing and have yet to encounter.

Our latest white paper analyzes the industry’s current business processes, the issues facing businesses today, and how to transform these issues into competitive advantages. Dive into more detail on how to bridge the gap between the old and new world and set your business up for success in this white paper available for download here. 

Stop and Shift Your Thinking 1 Degree

With all of the change within the industry, businesses are now facing new issues never before experienced that need solving. Without a solution, your business has no way to align with the new rules set by the CFPB. No consumer focus, no compliance, no revenue. After all, if you decide to change nothing in your business, you might as well hand over your clients to your competitors who will. But with so many issues to take into account, how can your business cover all of your needs without paying for multiple spot solutions? All it takes is a simple change in mindset.

In this video straight from the desk of Pavaso CEO, Mark explains how shifting your thinking 1 degree can allow you to view your situation in a new way and discover that all of your issues can be solved in one single location. Mark describes what makes Pavaso’s platform so powerful, and why this change is necessary to your business’ survival.

I Can't Believe They Did That

We’ve discussed previously that technology should be seen as investment. However, because some businesses aren’t sure how to evaluate and strategically select a technology, many simply look at the price tag. The cheapest option is the best option, right? With the amount of change coming to this industry, your business needs a technology that has the ability to customize to you, and scale to any situation depending on circumstances, and evolve to continue to serve you and meet your needs in the future.

In this episode of Mark’s Minutes, Mark explains why he is concerned when potential customers make decisions based solely on price. He guides you through what expectations you should have for technology and reveals his warning and suggestion on how to evaluate its full long term value, instead of the short term costs.

Extended Benefits Beyond the Closing

There are a variety of tech companies out there that can each provide different benefits pre-closing and some throughout the closing process. However, what value can they add for both you and the consumer after the closing is complete? Are there long term benefits to using their platform? We’ve previously talked about how keeping consumers engaged post-closing can be useful for your business and continue your relationship with the consumer for future marketing purposes. But how can we keep these consumers engaged? Provide them with added benefits and value.  

In this episode of Mark’s Minutes, Mark explains what makes Pavaso different in the value it provides before, during and after the closing for not just your business, but the consumer as well. Mark describes a few of Pavaso’s current solutions created to continue engagement with consumers beyond the closing and throughout their homeownership lifecycle.

My Personal Closing Experience

As we’ve talked before on the issue of closings within the real estate industry and how to best deal with them, the process of buying a home still sucks for a consumer. The papers, the legal jargon, the waiting, and the confusion all lead to dissatisfaction and frustration for the consumer. Does this experience for the consumer impact your business in any way? You’ve been doing it the same for years and no one’s complaints seem to change anything. However, now with the CFPB on the lookout for non-compliance and the availability of a consumer complaint portal, your reputation may now be at risk.

In this episode of Mark’s Minutes, Mark briefly describes his personal experience on his recent home closing, and why consumers are upset. He then continues to walk you through the ideal home closing for a consumer, which can be offered by your business today. Pavaso’s solutions protect your business’ reputation and offer consumers a world class experience that allows you to stand out beyond your competitors.

Not All Tech Companies Are Created Equal

With technology flooding almost every industry, the time to incorporate it into your business model is now. So where do you start? Begin by seeing what companies are out there with the technology you need and evaluate them on levels of stability and capability. However, throughout this search process, with new tech companies popping up all the time, it can be hard to differentiate from the outside which tech companies are stable and which are full of pitfalls.

In this episode of Mark’s Minutes, Mark describes the three key qualities you should require of any company whose technology you’re interested in using. With his 30+ years of experience, he also walks you through how to distinguish a stable and proficient tech company from those who can’t provide your business the capability that it needs.

Evolving Mortgage Backed Securities

Investors are an essential part of the mortgage industry, specifically their involvement with residential and commercial mortgage backed securities. Wall Street lost around $2.5 trillion worth of mortgage backed securities in 2008 with the mortgage crisis, and although the housing market has since bounced back, investors just don’t have a secure place to put their money. So how do we bring Wall Street back into the mortgage industry and create a solid foundation for reestablished mortgage backed securities?

In this episode of Mark’s Minutes, Mark reveals Pavaso’s vision for the evolution of mortgage backed securities, and how Pavaso’s mortgage scoring system fits into this future of mortgage investing. He also explains the various ways the industry can bring private money back into the mortgage industry by reinventing the mortgage backed securities model.

Fixing the TRID Challenges That the Industry Got Wrong

Long before TRID’s implementation in October, analysts and professionals were forecasting the various effects its changes could have on the industry and each stakeholder in the transaction. Of course we can evaluate the clear changes of the new Loan Estimate and Closing Disclosure forms, but is that all that TRID encompasses? What other changes are in store for businesses?

In a white paper released in early Q3, we broke down the challenges everyone was soon to face, and the new Loan Estimate and Closing Disclosure forms only accounted for about 20% of them. Naturally, the industry chose to focus on meeting the tangible requirements of the LE and CD first. We knew that the new forms were going to be a major focus, but because we looked at TRID with a different perspective, we understood that was only a small part of what the CFPB is trying to accomplish. There was much more that had to change. Although businesses have had a few months to incorporate new systems, tools and training for the LE and CD, the industry is still in chaos figuring out what else they have to do to be compliant. So the question then becomes, how do I establish and show this ‘good faith effort’? That’s where the other 80% of TRID comes in. This includes improving the entire transaction by incorporating consumer participation and education, collaborating with title companies for the closing, and partnering with real estate agents.

To build a proper platform for consumer participation, we first need to reevaluate the way the Loan Estimate and Closing Disclosure forms were implemented. The first LE is never going to be correct, it’s an estimate. So don’t over focus on extreme details when the estimate will change after title evaluates the deal anyways. And for the CD, that’s right in the ballpark of what title did with the HUD. Let title take the lead on completing that, and you can approve everything before it’s sent out. With the LE and CD issues resolved, how do we refocus the industry to involve the consumer more and collaborate with all the other stakeholders? Lenders, don’t hesitate to talk to the title companies. For efficiency and accuracy with the LE and CD, constant communication with them is required. To give consumers the experience they deserve, involve them and their real estate agents throughout the transaction, and allow them to participate by providing education throughout the process. By partnering with title and real estate agents, you can consolidate communication to one place while presenting a united confusion-free front to the consumer.

With the entire transaction process an issue, instead of spending your time and resources on systems that offer small spot solutions, focus on evolving your organization to fit the requirements of the new post-TRID world. Not even technology can fix the archaic business model of home buying today. The first to meet these needs will succeed, and those who don’t will surely be passed by.

We dive into more detail on how to address these challenges and get set on a clearer path to overcoming them in a recent white paper that is available for download here.

The white paper addressing pre-TRID predictions from September is also available for download here.

Limited Power of Attorney Approach

With consumers busier than ever and the need to keep up with everyday hectic life, home closings using limited power of attorney can be a useful capability for some consumers. The overall benefit to limited power of attorney is to no longer require the consumer to be present at the closing to sign documents. However, with technology making it easier to close on a home than ever before, this capability may not hold as much value as it once did.

In this episode of Mark’s Minutes, Mark describes how technology is evolving to meet the consumer and specifically how that is changing the need for limited power of attorney in the home buying process. He also explains why, although Pavaso contains the ability, he thinks it is a huge concern for businesses to require limited power of attorney capabilities from technology platforms.

Long Term Consumer Marketing

As a real estate agent, lender or title company, it’s not often you’ll find return customers, due to the nature of real estate. By the time consumers are ready to refinance or buy a house again, most don’t remember who they worked with on their first transaction, and if they do, they don’t have an easy way to reconnect with your business. This may be due to the fact that most post-closing marketing today involves distributed refrigerator magnets and branded pens that are sure to be lost or thrown away. So how can you stay connected with consumers after the transaction, and improve your marketing so consumers remember their business with you?

In this episode of Mark’s Minutes, Mark explains how Pavaso connects real estate agents, lenders and title companies to consumers for the entire homeownership lifecycle. He also explains how Pavaso adds value over time for you and your customers with built-in automated marketing that makes it easy for you to stay connected with consumers and allow them to reconnect with you.

Closing Insight Regarding Millennials

Millennial: a person reaching young adulthood around the year 2000. Millennials have been a topic of conversation in the real estate industry for the last year or so, as they reach the homeownership stage of life. Millennials are very particular in their sentiments and what they expect from business transactions today, and it’s no secret that the real estate industry is having trouble attracting Millennials and walking them through the home buying transaction in general. Much of this has to do with the processes involved with buying a home, and the experiences resulting from them. It can be put simply that millennials want more information, more access and most importantly, they want it all at their fingertips.

In this episode of Mark’s Minutes, Mark explains why Millennials are so different than any other generation, and why the real estate industry is having trouble connecting with them. He discusses the way Millennials were raised, and what impact that has on their value in relationships and business dealings. Most importantly, Mark will explain how to use the technology we have today to evolve the process of buying a home to attract Millennials and every generation after.

How Did Pavaso Get Here?

We all have experiences in our lives whether they be work-related, personal or even spiritual that shape our personalities, ideas and futures. And all great companies have to start somewhere, whether it’s someone’s simple idea with a staff of one or a larger organization’s endeavor with the backing of millions. Either way, it takes years of focus, hard work and determination to effectively develop an up and running company. Pavaso CEO, Mark McElroy, has many experiences that are no different than these.

In this episode of Mark’s Minutes, Mark discusses his background in the technology, title and mortgage industries, and his experiences with building from the ground up. He goes on to explain how these distinctive experiences led to the inception of Pavaso’s platform and the core values that make Pavaso different from any other platform.