Stavvy’s Hybrid Closings with E-Signing Functionalities Increase Security and Efficiency
Stavvy, the fully-integrated digital mortgage platform, announces the launch of its native eSign functionality empowering hybrid closings for mortgage lenders and their settlement agents. The new features empower banks, lenders, settlement agents, and borrowers to complete closing transactions remotely by leveraging the Stavvy suite of tools and products as applicable based on local laws or regulations.
Home closings have historically been notoriously complex and arduous. They require excessive paperwork and multiple parties (lenders, agents, borrowers/buyers, notaries, etc.) to navigate the minutiae while adhering to all compulsory legalities. The closing itself can be challenging to orchestrate, as all the key players need to be in the same place at the same time. These meetings, which should be as simple as signing a few documents, tend to be unnecessarily time-consuming.
Stavvy’s solution supports a hybrid experience with eSigning functionalities that allow the majority of documents to be eSigned, requiring only one in-person or virtual meeting for the promissory note and select documents that require notarization. By simplifying and expediting these processes, closings that used to be hours long can now be seamlessly completed in 10 to 15 minutes.
During the underwriting and settlement process of mortgage loans, lenders and their vendor partners can connect via Stavvy’s platform, where all information and relevant documentation is securely stored and communicated. Stavvy’s remote signature tools now allow closing agents to use notaries or closing agents to perform hybrid closings in addition to remote ink-signed notarizations (RIN), which the platform started supporting early in March of this year. Stavvy’s RIN product has been available and widely used in markets that do not have permanent laws for fully digital remote online notarization (RON), such as New England, New York, and New Jersey.
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Benefits of the Stavvy eSigning functionality now include:
- Fully-encrypted communication between vendors, eliminating the need for disorganized, insecure email chains when sending deliverables back and forth between parties;
- Automatic versioning of documents to view the latest version as well as prior versions;
- Intuitive software designed for a simplified user experience;
- Industry accepted eSignature functionality and security;
- Encrypted recording of online meetings;
- Increased speed and transparency in transactions;
- Easy document access management; and
- Real-time alerts and notifications.
“Since the COVID-19 pandemic began, there has been significant increased acceptance of remote real estate transactions in their various forms, including online notarizations,” said Kosta Ligris, Cofounder of Stavvy. “Ultimately, eClosings will become the standard for investors, consumers, and lenders – so much so that we will simply redefine the term ‘closing.’ We are pleased to be at the forefront of this transition and digital transformation by offering solutions that place security and the customer experience at the core of everything we build. Transformation of this magnitude can be overwhelming – but we don’t sell products, we partner with our customers in their journey towards digital transformation.”
“Our eSigning technology provides security, transparency, efficiency, and reliability while ensuring dynamic regulatory and risk compliance,” said Stavvy Cofounder Josh Feinblum. “The application in the northeast is a starting point for Stavvy, and just the beginning of an exciting future.”
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