Mortgage Connect has acquired a majority interest in Stavvy and plans to combine the digital mortgage technology company’s business operations with Mortgage Connect’s Simply Secure Sign eClosing platform.
The transaction is intended to create an end-to-end digital mortgage closing platform spanning closing eligibility, document execution, notarization, eNotes, eVault custody and collateral management.
Mortgage Connect said lenders currently often rely on several separate technology vendors to execute a completely digital closing, requiring multiple integrations, contracts, security reviews and operational handoffs.
Combining Stavvy with Simply Secure Sign is designed to reduce that fragmentation by putting more of the digital mortgage transaction within a single technology ecosystem.
Mortgage Connect’s existing platform supports remote online notarization, in-person electronic notarization, hybrid transactions and traditional closings.
Stavvy adds capabilities including SMART Doc generation, eNote execution across all 50 states, eVault custody and MERS eRegistry registration and transfer.
The combined technology will use digital eligibility capabilities to determine the appropriate closing method for individual transactions.
A loan could proceed through full remote online notarization, IPEN, hybrid execution or a traditional wet closing depending on eligibility and transaction requirements.
After that determination, lenders can remain within the platform through document execution, notarization, eNote creation, MERS registration, eVault custody and post-closing workflows.
The platform is expected to support purchase, refinance, home equity and loss mitigation transactions.
Mortgage Connect currently serves 19 of the 20 largest U.S. lenders and servicers across origination, servicing and default.
Stavvy’s leadership team and employees will join Mortgage Connect as the organizations integrate their technologies and expand the combined platform.
KEY QUOTES:
“Mortgage Connect has always focused on innovation that creates meaningful efficiencies and lowers the cost of the real estate transaction. By bringing Simply Secure Sign and Stavvy together, we are creating a more complete digital mortgage platform with expanded capabilities across closing, servicing and collateral management. This combination allows our clients to simplify workflows, reduce operational friction and deliver a better experience for their consumers. We’re excited to bring this enhanced platform to the market and continue helping lenders and servicers move toward a more efficient, fully digital mortgage experience.”
Jeff Coury, CEO of Mortgage Connect
“What makes this combination so compelling is how naturally the two platforms fit together. Stavvy has built the technology infrastructure around eNotes, eVaults and digital collateral, while Mortgage Connect has built an exceptional eClosing experience with the scale and operational execution to support the country’s largest lenders. Bringing those capabilities together under one roof creates something very different for the market — a true end-to-end eClosing platform where lenders no longer have to piece together multiple providers to complete a digital mortgage transaction.”
Kyle Stephenson, CEO of Stavvy
