At Stavvy, they believe that the promise of a fully digital mortgage has not yet been fulfilled. Fragmentation, inefficiency and outdated regulations still plague the consumer mortgage experience. Requirements such as face-to-face meetings, physical files and documents, as well as pen and paper signatures – which have always been the norm – are no longer just inconvenient, but impractical for consumers and lenders alike after COVID.
As state and federal regulations will (slowly) move the industry forward in the years to come, Stavvy has developed a number of tools to help solve these problems today.
While technology has improved the processes in many industries, the way a home loan is handled has still not changed much over the years. In some cases it has become even more complicated as different parts of the process have been digitized in a silo without considering the bigger picture.
In most loan origination or modification situations today, consumers speak to multiple parties: their lender, their broker, a notary public, a title company, and others. These parties do not have an optimized communication that leaves it to the consumer to control the different processes.
Often there is no central repository for important documents and files are not sent securely via e-mail or via a hybrid mixture of FedEx boxes and customer portals. Not only is this a security risk (potential for fraud and sensitive data disclosure), but it can also bring the mortgage process to a standstill if a file gets stuck in someone's email inbox.
Stavvy's solution securely digitizes every aspect of the process, not only replacing pen and paper with electronic documents and signatures, but also rethinking the entire workflow to enable collaboration, validation and transparency. The end result is a premium consumer experience and the creation of a truly digital asset that meets the needs of both upstream and downstream stakeholders.
Consumers today are used to digital experiences designed specifically for them. Most of the digital tools involved in the mortgage process include a consumer-centric user interface that was developed after the fact.
While there are "digital file sharing" or "electronic notary" services designed with a consumer-centric mindset in place, none of these tools are specifically designed for real estate transactions by seasoned banking, security and legal professionals, and they often don't play well with you the tools that lenders are already using.
Stavvy aims to solve this with its all-in-one platform designed for all parties including consumers and lenders. Stavvy has all of the tools mortgage banking professionals need consolidated and integrated into a single platform that is easy to use and blends in with their existing workflows.
These include remote notary functions, video conferencing tools, electronic document review and signing functions, secure storage for video conferencing, data, documents and integration with industry standard platforms.
Stavvy meets all relevant compliance standards with automatic video recording and secure storage of documents and videos – a higher level of security than with the traditional paper process. By removing the biggest problems and barriers lenders have traditionally faced, Stavvy enables them to delight their own clients with a streamlined process that takes less time.
Consumers appreciate using a platform that is built with a "people-first" philosophy that eliminates the need to interact with multiple "portals" or juggle a number of different accounts and logins.
Stavvy enables consumers to conduct transactions such as mortgage issuance or loan modification from anywhere at a time that is convenient for them, with the confidence that they understand and take responsibility for the entire process.
Stavvy is here to transform the way business is done remotely by making complex legal and financial transactions simpler, safer and more accessible to all.
Product snapshot: Stavvy enables digital transformation by helping companies navigate complex financial and legal transactions easily and securely, and by enabling critical tools such as remote authentication, video conferencing, eSignature and secure document storage, all of which bring the customer experience to the fore.
source https://seapointrealtors.com/2021/09/01/stavvys-all-in-one-platform-makes-legal-and-financial-transactions-easier-safer-and-more-accessible/
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We've seen the biggest jump in home prices in the past fifteen years, and there's little relief in ... [+] sight.
