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With the remaining COVID-19 forbearances expected to expire by the end of the year, many servicers will be tasked with finding solutions to support the estimated 1 million homeowners still in forbearance.
That’s where companies like Stavvy come into the picture. A 2021 Tech100 Mortgage honoree, Stavvy is helping organizations navigate complex financial and legal transactions easily and safely, allowing servicers to put customer experience at the forefront during tough times like a global pandemic.
“In 2022, many Americans affected by COVID-19 will need to make a decision about the resolution to their mortgage forbearance,” said Jeremy Potter, head of legal and capital markets at Stavvy. “We’ve experienced the important role technology can play in helping homeowners access the tools and solutions their mortgage servicer is offering. [We’re using] our technology to help homeowners and servicers alike facilitate more convenient and more equitable access to loan products and closings.”
We reached out to Potter to learn more about how Stavvy is streamlining the loan closing and servicing process and what’s to come in 2022.
HousingWire: As COVID-19 forbearances come to an end, what solutions does Stavvy offer servicers to help them navigate through regulatory changes?
Jeremy Potter: Stavvy brings all the eSign, Remote Online Notarization (RON), virtual sessions and e-recording integrations popular in other parts of the mortgage industry into the toolkit for loan servicers. This means that modifications and other changes to the homeowner’s monthly mortgage payment or loan term can be accessed and executed on Stavvy. Helping servicers deploy the right order within the required timelines means homeowners do not have to miss work or rearrange their lives to get the relief they need. Our platform is also helping servicers with the records and audit trail to be able to maintain compliance when working with at-risk homeowners. Our technology is helping servicers do what they do best — serve their clients anywhere, anytime.
HousingWire: The lending process has long been described as “fragmented.” What changes can help bring together all of the pieces of the mortgage journey?
Jeremy Potter: Stavvy focuses on the loan closing and servicing workflow, which is different at every servicer, lender and bank. Allowing companies to delegate pieces of the process to Stavvy will make any team more efficient and effective. Digital tools within Stavvy, such as the audit trail and eligibility engine, enable companies to know the status of documents and signatures at all times while confirming compliance with different closing types in state and local jurisdictions nationwide. Everyone working off the same platform opens up new opportunities for collaboration and visibility that we’re just starting to understand.
HousingWire: Stavvy has seen record growth since 2020. Looking to 2022, what are you most excited about?
Jeremy Potter: We are always most excited about people. Whether it’s new “Stavviators” joining our team, the clients we currently work with and new clients we’ll onboard in 2022 or the homeowners and home buyers who use our products through our clients, who you are is who we are. In 2022, many Americans affected by COVID-19 will need to make a decision about the resolution to their mortgage forbearance. At Stavvy, we’ve experienced the important role technology can play in helping homeowners access the tools and solutions their mortgage servicer is offering. In the new year as forbearance periods come to an end, we look forward to using our technology to help homeowners and servicers alike facilitate more convenient and more equitable access to loan products and closings.