Integration Enables RON Signing For Loss Mitigation
Covius, a provider of technology-enabled solutions to the financial services industry, is integrating Stavvy into its loss mitigation and loan modification solutions. Stavvy is a Boston-based fintech company specializing in eClosing functionality and remote online notary (RON) services for the mortgage and real estate industry and has designed its platform with the servicing workflow in mind. A top-10 servicer has already agreed to use the new service.
Ginnie Mae’s November 15, 2021 announcement formally approving the use of eSign and RON on loan modifications has made RON a priority for Ginnie Mae servicers that want to ensure eSignature technology is equally available on loan modifications requiring county-level recording. Prior to this announcement, only Fannie Mae, Freddie Mac and loans securitized outside of the GSEs were potentially RON-eligible.
Covius will use the Stavvy platform to offer RON and eSigning capabilities for all loss mitigation products, regardless of recording requirements. The integrated service can discern RON eligibility early in the loss mitigation process. When a RON-eligible loan modification package is generated, Covius will systematically tag the signature lines for eSign and RON recognition and start the scheduling process with the borrower(s). The Covius notary panel will lead the digital notarization process using Stavvy’s technology to notarize the documents in the borrower’s home or office.
Joe Chappell, Executive Vice President at Covius Settlement Services, said: “The market has long realized the potential that digital fulfillment and RON document execution can bring to our clients and borrowers in terms of convenience, efficiency and security. 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. In anticipation of even greater adoption by investors, Covius has proactively aligned with Stavvy, one of the industry’s most advanced providers, to be ready to offer these options to our large servicer clients.”
Shane Hartzler, Stavvy’s Chief Strategy Officer, added: “Stavvy’s mission is to make the completion of complex, legal and financial transactions easier and safer for borrowers throughout the homeownership lifecycle. We are pleased to be working with Covius to reduce the level of stress at the end of the loss mitigation process and accelerate the signing, notarizing and recording of loan modifications.”
This integration is part of Covius Connected, a broad and flexible strategic blueprint for enhancing our clients’ digital experience by increasing transparency, consistency, performance and ease of integration. All Covius Connected services are intended to be self-serviceable, flexible, scalable, fault tolerant and secure. Covius Connected simplifies the buying and onboarding processes and shrinks time to value and ROI for clients.
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