At Stavvy, we’re focused on supporting the digital transformation in the real estate and mortgage loan industry is underway (and that we’re here to help drive it forward). There are already 38 states in which remote online notarization is available for home loans, with more to come. But since we are still in the early stages of this digital makeover, with individual states creating their own unique laws, the landscape today is still a patchwork of regulations, requirements, and guidelines that differ based on individual property addresses.
That’s why we created the Stavvy Eligibility Engine, a tool that allows our users to quickly and effortlessly determine whether a loan transaction is eligible for Remote Online Notarization (RON), Remote Ink Notarization (RIN), and eRecording. Our platform automatically aggregates laws and emergency measures at the town, county, and state levels, and immediately informs the user what type of transactions are available for each loan. The Stavvy Eligibility Engine then presents the relevant available options for each and every transaction, saving our customers valuable time by skipping the manual and time-consuming research process. The tool can be used for one loan or for an entire portfolio, streamlining the process for consumers, lenders, title companies, and other stakeholders in the loan process.
The Stavvy Eligibility Engine is available for use through the Stavvy platform or via API connection as a real-time, customizable tool to check individual loans or assess an entire portfolio of loans. It can be employed for loan origination, title and settlement, or loan servicing. And since Stavvy is the only RON provider that has a solution purpose-built for the loss mitigation workflow (including the ability for bank acknowledgement), this will be an invaluable tool for lenders and servicers in determining whether a loan modification or partial claim can be done digitally during initial contact with the home-owner. For loan originators using Stavvy, they have the ability to import investor rules into the Stavvy Eligibility Engine, so that lenders and customers know with greater certainty whether they can do a fully-digital closing on day zero.
We’re proud of this innovative tool, especially the value and time savings it provides our customers. We know that the success of an eClosing transaction relies on identifying early on whether a loan is eligible, and on educating and signings with all the stakeholders involved: loan officers, title agents, borrowers, and others. The Stavvy Eligibility Engine is the next step in moving the industry forward towards the inevitable all-digital future.
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