COVID-19 has accelerated the need for digital mortgage closings, also known as eClosings, and brought to light the fragmentation, inefficiencies, and outmoded regulations that plague the mortgage industry today.
In-person meetings, physical documentation, and wet signatures may be the “way it’s always been done.” However, the inconveniences they place on homeowners, lenders, lawyers, and title companies alike are hard to ignore.
Industry players like CATIC, a leading title insurance company that insures mortgages issued by more than 1,300 lending institutions, are looking for technology partners to help them implement a secure, digital-first approach to their current workflows to remove some of these headaches.
Stavvy has been leading the charge towards digitizing mortgage lending and loan servicing with our innovative platform that enables features like eSign, eNotarization, and eMeeting. Our flexible and industry-specific technology helps organizations operate faster and more efficiently, streamline customer and employee experiences, and improve their security and compliance posture.
However, those capabilities and our product mean nothing without the buy-in of the industry. That’s why we’re proud to announce that we’ve partnered with CATIC to enable digital fund transfers in its PrepExpress product, CATIC’s proprietary title production software for real estate law firms and title agents.
Implementing new technology in the real estate lending industry is no small task, with ingrained processes and many local, state, and federal regulations to navigate. We built the Stavvy platform to fit seamlessly within those existing industry workflows to make for a smoother transition. Not only does this foundational work set us apart from our competitors, but it also allows us to make a direct and immediate impact for our customers and the industry.
After identifying CATIC’s pain points and areas of opportunity, we worked closely with their team to help launch a new feature in its PrepExpress product: eRemit.
eRemit lets CATIC agents and administrators issue payments digitally and securely, eliminating the need for paper checks.
With CATIC’s PrepExpress software, agents can prepare policy inserts and request electronic jackets, import title search information to streamline and speed policy preparation, create Insured Closing Letters, and calculate tax adjustments, recording fees, and conveyance taxes. Now enhanced with eRemit, CATIC agents can electronically issue payments directly to CATIC from one centralized and secure location.
"Bringing this type of efficiency and time savings to the CATIC team and the attorneys CATIC supports is exactly the type of innovation we set out to deliver to our partners and the industry,” says Stavvy cofounder Kosta Ligris. “This is just the beginning, and as they like to say at CATIC—the future is bright!"
Before the Stavvy integration, CATIC agents spent valuable time, money, and resources on collating paper policy documents, stapling checks, and racing to the mailbox to send the completed paperwork through a delivery service or courier. With Stavvy’s fully integrated eRemit feature, those manual processes and the need for paper checks are no longer necessary, and transactions are secured with enterprise-level encryption.
Additionally, this new feature removes the need for CATIC administrators to manually reconcile payment amounts with transaction numbers, a time-consuming task completed daily, to ensure its agents receive the appropriate funds for each policy.
Introducing new technology may seem like it opens up organizations to new and scary vulnerabilities. However, the way things are currently done—manual processing, human error/oversight, un-encrypted emails, and mailed paper documents and checks—poses even greater security threats.
It was clear to the CATIC team that Stavvy could increase workflow efficiency and remove the barriers of manual processing. However, we wanted to stress how Stavvy could also directly impact the safety and security of their financial transactions.
Let’s use the threat of mail theft and stolen checks as an example.
Contrary to popular belief, the United States Postal Service (USPS) has no system in place to track mail theft, despite the alarming rise in reports. According to the Postal Inspection Service, reports of mail theft increased by 600% over the past three years, with 25,000 reports in 2017 and 177,000 through August 2020. Even more startling, from March 2020 to February 2021, the Postal Inspection Service reported just over 299,000 mail theft complaints.
Because the eRemit feature eliminates the need for mailed paper checks, so too go the associated risks. Plus, all online fund transfers handled within the platform are encrypted on an enterprise level with detailed audit trails.
With Stavvy securing and verifying payments, creating visibility through tracking and account management, and tracking reconciliation and managing payment records, CATIC agents and administrators reduce the risk of error. Now, CATIC can securely process more transactions while enjoying a faster and more seamless user experience—a true win-win-win.
"When we see an opportunity to empower people to do more for their clients, we jump at the chance. The key for complex legal transactions is delivering solutions in a safe and encrypted way. The fact that we could show such an early, meaningful win on all those measures is incredibly validating for the team,” adds Stavvy cofounder Josh Feinblum.
Digital transformation in the lending industry is inevitable. Every day the world is moving toward digital adoption, and lenders, lawyers, and title companies alike will need to adapt and evolve to keep up with the changing times. However, choosing the right technology partner and product are critical to success. If you’re beginning to research and interview technological solutions for your company, below are a few questions we recommend keeping top of mind.
The digital revolution in mortgage lending is here, and we’re thrilled to support CATIC and its technological transformation.
To learn more about our platform or schedule a demo, please contact us.
Contact our team today to see the power of Stavvy!Request a Demo