Stavvy Addresses Foreclosure Challenges with New People-Centered Digital Workflows
Fintech startup is simplifying and humanizing the complicated foreclosure process for greater accuracy, security, and transparency
BOSTON, MA, February 10, 2022—Stavvy, the fintech company building the future of digital and remote collaboration for mortgage lending, today announced the release of a new suite of tools and workflows on its online platform to support a more secure, transparent, and compliant foreclosure process. The new platform features are Stavvy’s latest innovation designed to bring mortgage lending into the 21st century.
The new workflow allows default servicing teams and law firms to transparently share, view, give feedback, sign and notarize any document on one single platform. All parties are able to notify and contact each other in real time and view documents simultaneously. The collaboration features reduce the complexity and errors associated with the back-and-forth process of sending physical documents or annotated files via email. And all of this takes place in a far more secure environment than paper and email, with full encryption, revision history, meeting details, and a reliable audit trail included in Stavvy’s platform.
“We believe that the time to modernize all facets of the mortgage lifecycle to better serve people is now, and the technology to do it is here,” said Angel Hernandez, Head of Industry and Regulatory Affairs, Stavvy. “In that same spirit, we believe our technology can provide for a legally-compliant foreclosure process that respects people and minimizes errors to serve homeowners facing foreclosure with the degree of clarity, accuracy and diligence they deserve while still optimizing operational costs.”
Servicing teams and law firms need the ability to exchange documents for review, to edit them, and to receive validation that each document is accurate. Manual or paper-based processes are a bottleneck in this exchange, creating a potential backlog of foreclosure actions that all need to meet regulation and compliance dates. Stavvy remains conscious of the complexity involved in foreclosure transactions requiring clear communication, complete documentation, a fool-proof audit trail, and notarized signatures. By enhancing this collaboration, the platform enables servicers and attorneys to focus on providing homeowners the degree of transparency and care they deserve.
“Families facing mortgage default deserve the most attentive and compliant approach that servicers and attorneys can provide,” said Kosta Ligris, Cofounder and CEO, Stavvy. “Our tools can take you beyond postage and email to a workflow that makes default servicing better for all involved.”
The software is also compliant with MISMO® RON standards and best practices. The new feature provides tamper-sealed post-signing documents to preserve its integrity with an accompanying audit trail which offers holistic encryption while data is moving through the platform and stored on its servers.
To learn more about the new loan servicing features, or to receive a demo of the Stavvy platform, visit Stavvy.com.
Stavvy is a Boston-based, venture-backed financial technology company on a mission to manage security risk, eliminate fragmentation, and increase speed, efficiency, and transparency in lending and banking. The company’s mission is to transform how business is conducted remotely by making complex legal and financial transactions easier, safer, and more accessible to all. Its platform includes eClosing functionality, like eSign, digital notary, and video conferencing, specifically designed for real estate, legal, and business professionals. To learn more, visit stavvy.com.