At Stavvy, they believe the promise of a fully digital mortgage has not yet been realized. Fragmentation, inefficiency and outmoded regulations still plague the consumer mortgage experience. Requirements such as in-person meetings, physical files and documents and pen-and-paper signatures — which have been the norm for as long as anyone can remember — are no longer just inconvenient, but are now impractical for consumers and lenders alike in a post-COVID world.
As state and federal regulations are poised to (slowly) move the industry forward in the coming years, Stavvy has built a suite of tools to solve these problems today.
While technology has improved processes for many industries, the way a home loan is transacted still hasn’t changed much over the years. In some cases, it has become even more complicated as disparate pieces of the process have been digitized in a silo without considering the bigger picture.
In most loan origination or modification situations today, consumers are talking to multiple parties: their lender, their realtor, a notary, a title company and others. These parties don’t have streamlined communication which leaves the heavy lifting to the consumer to navigate the disparate processes.
Often, there’s no central file depository for vital documents and files are not sent securely via email or through a hybrid mix of Fed Ex boxes and customer portals. This is not only a security risk (potential for fraud and exposure of sensitive data), it can also bring the mortgage process to a grinding halt if a file is stuck in someone’s email inbox.
Stavvy’s solution securely digitizes every aspect of the process, not just replacing pen and paper with electronic documents and signatures but rethinking the entire workflow, enabling collaboration, validation and transparency. The end result is a best-in-class consumer experience and the creation of a truly digital asset that meets the needs of both up and downstream stakeholders.
Consumers today are used to digital experiences that are designed with them in mind. Most of the digital tools that are involved in the mortgage process include a consumer-facing interface that was designed as an afterthought.
While there are “digital file sharing” or “electronic notary” services that are built with a consumer-first mindset, none of these tools were purpose-built for real estate transactions by veteran banking, security and legal professionals and often they don’t play well with the tools that lenders are already using.
Stavvy aims to solve this with its all-in-one platform that is built for all parties, including both consumers and lenders. Stavvy has all the tools that mortgage banking professionals need, consolidated and integrated into one single platform that is easy to use and fits into their existing workflows.
This includes remote notary capabilities, video conferencing tools, electronic document review and signing features, secure storage for video conferences, data, documents, and integration with industry-standard platforms.
Stavvy meets all relevant compliance standards with automatic video recording plus secure retention of documents and video — a higher level of security than the traditional paper process. By removing the biggest headaches and roadblocks lenders traditionally face, Stavvy enables them to delight their own clients with a streamlined process that takes up less of their time.
Consumers appreciate using a platform that is built with a “human-first” philosophy, and that removes the need to interact with multiple “portals” or juggle a number of disparate accounts and logins.
Stavvy allows consumers to conduct transactions like mortgage origination or loan modifications from wherever they prefer, at a time that is convenient for them, and with confidence that they understand and have ownership over the entire process.
Stavvy is here to transform how business is conducted remotely by making complex legal and financial transactions easier, safer and more accessible to all.
Product Snapshot: Stavvy is enabling digital transformation by helping organizations navigate complex financial and legal transactions easily and safely, enabling critical tools such as remote notarization, video conferencing, eSignature, secure document storage — putting customer experience at the forefront.
