Tampa, Fla. February 20, 2018 – Old Republic National Title Insurance Company (ORNTIC) has unveiled a national digital strategy that involves our exclusive use of Pavaso®, an eClosing solution that serves as a foundation for processing digital real estate transactions in ORNTIC's direct and national settlement operations.
Pavaso's leading eClosing platform already is transforming the mortgage process with radically innovative digital technology that facilitates: fast, consistent, accurate and compliant closings. This cutting-edge solution offers a better consumer, title agent and lender experience. It uses a single, collaborative, secure portal that promotes transparency, efficiency, consumer education and communication. Pavaso is adaptable to future technological advances, yet flexible enough to apply in all environments, regardless of whether transactions are paper, partially digital or fully digital.
According to Rande Yeager, Chairman and CEO, Old Republic National Title Holding Company, "Technological advances as well as shifting market demands and demographics make it clear that the title insurance industry is moving quickly into the digital space. Our early support and commitment to the development and implementation of Pavaso represents a significant tactical step in advancing our offerings to today's customers and tomorrow's capital markets. The goal of our digital strategy is to provide eClosing experiences that are streamlined for everyone."
"As a result of the digital shift in processing real estate transactions, we anticipate there will be market disruptions in our industry in the future," explains Mark Bilbrey, President, Old Republic National Title Holding Company. "We are now inviting our title agents to adopt Pavaso technology, so they will be prepared and in the best possible position to adjust to future market disruptions and mitigate risk for their companies."
"Old Republic Title's implementation of Pavaso technology creates a national 'digital' network of title and closing agents fully capable of closing anything from paper to fully digital transactions," adds Mark McElroy, CEO, Pavaso. "The result is a modern ecosystem for the real estate agent, mortgage lender and title agent, that puts the consumer front and center.
Old Republic Title's Pavaso solution integrates disruptive technologies like BlockChain and electronic notary, and allows title agents to assimilate a suite of complimentary applications into a single portal. eClosing is no longer the future; it's the here and now."
About Old Republic Title
Headquartered in Tampa, FL, the Old Republic Title Insurance Group, Inc. (ORTIG) is comprised of a multitude of title and related services companies. Its underwriters are Old Republic National Title Insurance Company, formed in 1907, and American Guaranty Title Insurance Company, dating back to 1889. Since 1992, no other title insurer has had higher overall financial-strength ratings than the ORTIG.
The ORTIG (known widely as Old Republic Title) offers a full complement of title insurance underwriting and related services such as: Internal Revenue Code (IRC) Section 1031 exchanges, notary services, commercial real estate due diligence, UCC insurance, bankruptcy reporting, national timeshare and relocation services, document recording, real estate appraisal, commercial real estate transaction coordination, mortgage servicer solutions, default management, flood reporting, and centralized national order placement services. It is a wholly-owned subsidiary of Old Republic International Corporation (NYSE: ORI), one of the nation's 50 largest publicly held insurance organizations.
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, visit pavaso.com.