Terms of the deal were not announced.
With the acquisition, servicers and homeowners looking for mortgage assistance will have access to a streamlined platform that allows them to interact on their terms, fostering increased transparency and improved operational efficiencies, Stavvy said on Tuesday announcing the deal.
“Stavvy and Brace’s unified services are set to deliver an unparalleled solution, encompassing every critical stage of default servicing – from the initial homeowner inquiry to the ultimate resolution,” Kosta Ligris, CEO and founder of Stavvy said in a statement.
Homeowners can now apply, submit documentation, track progress, receive a prompt decision, and electronically execute relevant documents, the Boston, Massachusetts-based fintech said.
Founded in 2018, Stavvy works to increase efficiency and transparency in real estate and mortgage lending. Its platform offers eClosing functionality, including eSign, digital notarization, and video conferencing designed for real estate and mortgage professionals.
In line with its goal to provide clients with digital closing solutions, Stavvy formed a partnership with WFG National Title Insurance Company (WFG) to provide the company and its customers with eClosing technology solutions in May.
Stavvy has partnerships with Guaranteed Rate aimed at driving digitization in title and settlement agents to real estate professionals; and loss mitigation and loan modification solution provider Covius to offer RON and eSignature capabilities for all loan mitigation products, regardless of recording requirements.
In 2021, Stavvy landed a $40 million Series A funding led by Morningside Technology Ventures, which it planned to use to triple its staff by the first quarter of 2022.
Stavvy went through a growth period in 2021 when it integrated with ICE Mortgage Technology’s Encompass Digital Lending Platform and became a MISMO-certified Remote Online Notarization provider.
Culver City, California-headquartered Brace was founded in 2017 by Amr Mohamed and Eric Rachmel and has received a total of about $30 million in funding, according to its website.
Companies that provided funding include Canvas Ventures, a San Francisco-based venture capital firm that had previously invested in real estate startup Flyhomes in 2019, as well as real estate investment marketplace Roofstock.