Stavvy’s new suite of tools and workflows on its online platform will support a more secure, transparent, and compliant foreclosure process, the company said.
Specifically, the workflow allows default servicing teams and law firms to share, view, give feedback, sign and notarize any document transparently and on a single platform. Parties are able to notify and contact one another in real time and while viewing documents simultaneously, a release stated.
“We believe that the time to modernize all facets of the mortgage lifecycle to better serve people is now, and the technology to do it is here,” Stavvy Head of Industry and Regulatory Affairs Angel Hernandez said. “In that same spirit, we believe our technology can provide for a legally-compliant foreclosure process that respects people and minimizes errors to serve homeowners facing foreclosure with the degree of clarity, accuracy and diligence they deserve while still optimizing operational costs.”
The company stated the above collaboration features reduce the complexity and errors associated with the back-and-forth process of sending physical documents or annotated files via email. The platform also supplied a more secure environment with full encryption, revision history, meeting details, and a reliable audit.
“Families facing mortgage default deserve the most attentive and compliant approach that servicers and attorneys can provide,” Stavvy cofounder and CEO Kosta Ligris said. “Our tools can take you beyond postage and email to a workflow that makes default servicing better for all involved.”
Stavvy also stated the software is compliant with MISMO remote online notarization standards and best practices. One of the new features offers tamper-sealed post-signing documents to preserve its integrity with accompanying audit trail, providing holistic encryption while data is moving through the platform and stored on its servers.