Stavvy, a Boston-based fintech that provides a digital mortgage platform, has launched a product supporting electronic signature functionalities for mortgage closings.
The new features let banks, lenders, settlement agents and borrowers close mortgage transactions remotely based on local laws or regulations, Stavvy said in a statement.
“Home closings have historically been notoriously complex and arduous,” the company said in the statement. “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 e-signing functionalities allow the majority of documents to be signed electronically, requiring only one in-person or virtual meeting for the promissory note and select documents that require notarization, reducing the time to complete the closing process, the company said.
“Since the COVID-19 pandemic began, there has been significant increased acceptance of remote real estate transactions in their various forms, including online notarizations,” Stavvy co-founder Kosta Ligris said. “Ultimately, e-closings will become the standard for investors, consumers, and lenders – so much so that we will simply redefine the term ‘closing.’”
During the mortgage underwriting and settlement process, lenders and their vendor partners can connect with one another through Stavvy’s platform, where the information and relevant documentation is securely stored and communicated.
Stavvy in March had also launched remote ink-signed notarizations, which the company said has been used in markets that do not have permanent laws for fully digital remote online notarization, including New England, New York and New Jersey.remote online
“Our e-signing technology provides security, transparency, efficiency and reliability while ensuring dynamic regulatory and risk compliance,” Stavvy co-founder Josh Feinblum said. “The application in the Northeast is a starting point for Stavvy, and just the beginning of an exciting future.”
