BOSTON, MA & TROY, MI - NOVEMBER 18, 2021 - Stavvy, the fintech company building simple solutions for complex businesses, and Flagstar Bank, a leading national originator and servicer of mortgages and other consumer loans, today announced that Flagstar is now leveraging Stavvy’s advanced platform to conveniently and securely execute digital loan servicing transactions.
Using Stavvy’s robust digital technology, Flagstar completed its first fully remote loan modification in the country earlier this year. Many COVID mortgage relief programs are ending soon, meaning millions of homeowners will be transitioning out of COVID-related forbearances and into other mortgage-related solutions. With the power of Stavvy’s digital mortgage servicing platform, coupled with the recent news that Ginnie Mae is now accepting eSignatures and remote online notarizations in loan modifications, Flagstar is well-positioned to handle the increased volume of requests expected in the coming months.
Flagstar and Stavvy teamed up through Flagstar’s Mortgage Tech Accelerator, which since 2018 has helped companies such as Stavvy create tech innovations in the mortgage sector. The partnership with Stavvy is an important step forward in digitizing the often overlooked servicing side of home lending. Stavvy is purpose-built to conform to existing loan modification workflows and is the only eSign and remote online notarization platform with workflow tools built specifically for servicing.
“One of the driving visions at Stavvy has always been to move towards a world where homeowners are in charge of their mortgage experience, enabling them to conveniently and privately complete mortgage-related activities from wherever they are most comfortable,” said Kosta Ligris, CEO & Cofounder of Stavvy. “Flagstar has been on the forefront of adopting technologies to improve the consumer experience and place the needs of its customers first. Flagstar is well-prepared and positioned to lead the rest of the industry, and we’re proud to support them to make that a reality.”
“Flagstar very much appreciates and values our partnership with Stavvy as we continually look for ways to make the customer experience easier and more convenient,” said Lee Smith, Executive Vice President and President of Mortgage at Flagstar Bank. “We place a huge value on using technology like Stavvy to change consumers’ lives and offer an industry-leading customer experience, especially as the need for digital loan modifications ramps up.”
Stavvy’s vision is to simplify life’s defining moments by making complex legal and financial transactions, like home buying and loan modifications, easier, safer, and more accessible to all. Its flexible and industry-specific platform empowers consumers, lenders, and vendors to securely and efficiently facilitate financial transactions and includes key features such as eNotarization, eSign, and secure video conferencing. Stavvy helps organizations simplify their workflows, operate faster, and improve their security posture in a post-COVID-19 digital world. To learn more about Stavvy’s perspective on the industry’s digital transformation, read the company’s latest whitepaper.
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, eNotarization, and secure video conferencing, specifically designed for real estate, legal, and business professionals. To learn more, visit stavvy.com.
Flagstar Bancorp, Inc. (NYSE: FBC) is a $27.0 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 84 retail locations in 28 states. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and recordkeeping for $272 billion of loans representing over 1.2 million borrowers. For more information, please visit flagstar.com.