Inman Connect
Paperless closing provider Stavvy has landed $40 million in Series A funding from Morningside Technology Ventures, which the company says will allow it to bring its expertise to bear in helping mortgage lenders serve troubled borrowers.
The Boston-based startup also announced a deal to provide remote loan modification services to Flagstar Bank a major expansion of the company’s customer base in mortgage loan servicing. Flagstar, a top 20 mortgage lender that does business nationwide, last month announced a $2.6 billion merger with New York Community Bancorp Inc.
Stavvy is one of fewer than a dozen companies certified to conduct remote online notarizations by the Mortgage Industry Standards Maintenance Organization (MISMO). Its competitors include MISMO-certified companies Black Knight, eNotaryLog, Hercules Holding, Nexsys, Notarize, NotaryCam, Pavaso, Signix and Snapdocs.