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Overview of Pavaso

Pavaso, Inc. is a DBA of Guardian Consumer Services, Inc., which was originally organized to develop and market a consumer portal focused on a homeowner’s entire lifecycle of home ownership. This platform, called Pavaso, is the nucleus of the Digital Close solution.

Pavaso built Digital Close, the ground-breaking solution for electronically closing real estate transactions. Digital Close automates compliance with TILA-RESPA, creates up-selling and cross-selling opportunities, and generates significant operational efficiencies for service providers. This revolutionary platform establishes the industry standard for delivering the Loan Estimate and Closing Disclosures electronically and produces an informed transaction experience for the consumer. Further, the technology capitalizes on its connective nature to allow lenders, realtors, and title companies to stay in touch with their consumers—making them customers for life.

The first pilot for Pavaso was conducted in October 2011 and entailed title companies submitting orders through RamQuest’s Closing Market software through to Pavaso which generated profiles for all stakeholders and granted access to the status of all closing-related documents. The initial pilot program continued through Q1 of 2012 and ultimately involved six independent title companies.

One lesson learned from the initial pilot program was the need to expand functionality in order to gain greater adoption from both the consumer and the real estate agent. To that end, partnerships and integrations were established with various vendors to further expand the service network.

In 2013, production was paused on Pavaso to focus on RESPA-TILA “Final Rule” solutions which culminated in what is now called Digital Close. Demonstrative prototypes of both hardware and software solutions were purposed, developed, and exhibited at trade shows and in private meetings with lenders across the country.

As awareness of the platforms grew, so did interest. The general consensus from the Consumer Financial Protection Bureau (CFPB), national lenders, and other stakeholders is that the solution represents “what needs to be done” for the industry in order to mitigate risk, increase and demonstrate consumer understanding of financial products, and reduce costs by streamlining business operations. Given the positive reactions and, particularly, the impending deadline for RESPA-TILA integrated disclosure compliance, now is the critical time to leverage advantages created by digital and online mortgage transactions, and to deliver the solution to the marketplace.

Meet the team

Mark McElroy
CEO & President

Mark McElroy began his career in Fortune 100 application development and technology deployment in 1984. He has since been involved in major application development and technology support for Healthcare, Wholesale Distribution and Technologies Consulting that have resulted in countless successful implementations helping businesses save millions of dollars in efficiencies. In 1993 he moved to implementing SAP in large multi-national companies and in 1996 became a partner in IT Services, Inc. where, as a key member of the executive management team, he helped grow that business to $40M in annual revenues by 2000.

In May 2001, along with several other investors, McElroy purchased RamQuest, Inc., a provider of solutions for the title and settlement industry. During McElroy’s tenure as President and CEO, RamQuest increased revenue more than 28 fold achieving 50 consecutive quarters of profitability and establishing a user base exceeding 30,000 users nationwide. In addition, McElroy launched several new products for the title industry. In 2011, under McElroy’s direction, RamQuest began to widen its focus and develop products and services under the Pavaso brand for vertical real estate markets. In 2014, Pavaso officially separated and launched as its own entity and now operates independently serving the real estate market with McElroy as President and CEO.

David Warhoftig
Vice President - Business Development

David has more than 20 years of experience in the investment world, having spent the first 13 years of his career on the floor of the New York Stock Exchange, where he held a seat as a specialist.  In 2004 he left to become the head trader for a hedge fund in Charlotte, NC and moved his family to Dallas in 2006 to work for Highside Capital, a multi-billion dollar equity fund.  He became a managing director and the head of Highside’s trading desk, running their global operations for 7 years.  Most recently, he was the head trader for Hirzel Capital.

David has been actively involved with government agencies, including the SEC and Treasury Department regarding market structure and regulatory issues, and is a member of the National Organization of Investment Professionals.  Through the Pavaso platform, David is working with firms to securitize the loans which are generated, giving investors a transparent, compliant, and liquid alternative to traditional fixed income and equity based products.  David graduated from Clarkson University in Potsdam, NY with a B.S. in Economics and Political Science.

Nancy G. Pratt
Director of eStrategy

Nancy G. Pratt is the Director of eStrategy for Pavaso.  She is responsible for strategic planning to develop, promote and sell Digital Mortgage Solutions throughout the title agent network and lender segment of the industry.  She heads up direct sales of Pavaso’s Platform and Digital Close solutions.

Nancy has over 10 years of experience in the eMortgage/eClosing space, which plays a key role in leading the go-to-market and implementation strategies for Pavaso's two CFPB pilots.  Nancy is a member of the Fannie Mae eMortgage innovation team, and highlights of her career include industry milestones of performing the first complete eMortgages with lenders, and conducting the first ever FHA and VA eClosing.

She has been in the Mortgage/Title industry for 32 years, and is a member of the National eNotarization Board, eMortgage FNMA innovation team, MISMO, PRIA, MBA and ALTA.

Matt Corcoran
Director of Marketing & User Experience

Matt has spent his career creatively simplifying complex, enterprise-class technology and service solutions in the Telecommunications, Title, Healthcare, and Mortgage industries.

Prior to joining Pavaso, Matt was a senior manager in the Healthcare Solutions Development group at Dell Services, where he managed a team of professionals in user experience, business analysis, training and tech writing.

In addition to his skills and expertise in branding, marketing and advertising, Matt brings a wealth of knowledge and experience in user-centered design, information architecture, human-computer interaction principles, and front-end web technologies.

Jay Hollis
Director of Product Management

Jay leads Pavaso’s Digital Close product as well as several other solutions that utilize the revolutionary platform, and has been with Pavaso since its inception.

Preston Rampy
Finance Manager

In addition to his finance responsibilities, Preston has been involved in all aspects of Pavaso’s operations since its inception, including business analysis and marketing.

Stephanie Scalzo
Executive Assistant

Stephanie’s passion for people, process and technology, helps her contribute heavily in Pavaso’s marketing and operations.