Technology solutions provider Covius announced Tuesday that it is integrating the Stavvy platform into its loss mitigation and loan modification solutions. Covius said that it will use the Stavvy platform to offer RON and eSignature capabilities for all loss mitigation products, regardless of recording requirements.
In November 2021, Ginnie Mae announced that it was formally approving the use of eSign and RON on loan modifications, which has made RON capabilities a priority for Ginnie Mae servicers that want to ensure eSignature technology is available on loan modifications requiring county-level recording . Before Ginnie Mae’s announcement, only Fannie Mae, Freddie Mac and loans securitized outside of the GSEs were potentially RON-eligible.
Together, the service offered by the Covius and Stavvy integration will be able to check for RON eligibility early in the loss-mitigation process. If the loan modification package is found to be RON eligible, Covius will tag the signature lines for eSign and RON recognition, and it will initiate the scheduling process with the borrowers. The digital notarization process will be led by the Covius notary panel and will use Stavvy’s technology to notarize the documents in the borrowers’ home or office.
“The recent announcement by Ginnie Mae represents a significant step forward as these digital channels will now be available to millions of consumers where paper-based processes were previously the only option,” Joe Chappell, executive vice president at Covius Settlement Services, said in a statement. “In anticipation of even greater adoption by investors, Covius has proactively aligned with Stavvy, to be ready to offer these options to our large servicer clients.”
Boston-based Stavvy specializes in eClosings and remote online notarization (RON) services for the mortgage and real estate industry. In May of 2021, Stavvy announced it had received $40 million in Series A funding and was recognized as one of the 2021 HW Tech100 winners for its native eSign and hybrid transaction tools.
“Stavvy’s mission is to make the completion of complex, legal and financial transactions easier and safer for borrowers throughout the homeownership lifecycle,” Shane Hartzler, Stavvy’s chief strategy officer, said in a statement.
This integration is part of Covius Connected, the company’s plan to increase transparency, consistency, performance and ease of integration.