The Title Team cut residential real estate closing times by 50% and offered lenders & customers time and cost savings with Stavvy’s eClosing solution.
Mortgage closings, seller-side transactions, cash real estate transactions
A clear-cut need for eClosing
Celebration Title always knew there was value in eClosing. The Florida-based title and settlement agency started its digital closing journey with two separate providers—a standalone remote notarization platform and a popular eSignature product. While this technology allowed the business to get eClosing off the ground, it wasn’t operationally efficient or cost-effective. Closers had to toggle between multiple systems, tools, and workflows to perform an eClosing, which negatively affected productivity, the closing experience, and the company’s balance sheet.
As Celebration Title grew to 15 locations throughout Florida and four franchise locations in Texas, Alabama, Michigan, and Virginia, the business had trouble staffing every office to support the in-person transaction volume. This business challenge made a multi-function eClosing solution necessary to maintain growth, remain operationally efficient, and keep its sales staff off the road.
This need was magnified again with COVID-19 social distancing. Celebration Title thought they were well-positioned to close real estate transactions remotely with its former technology setup. However, as the volume increased month over month, the team realized they needed a reliable all-in-one platform to continue performing profitable digital closing at scale.
Tristan Ali, Celebration Expert at Celebration Title, explains: “During the COVID-19 peak, at one point, we were doing almost 500 files a month. The Stavvy platform allowed us to close more transactions cost-effectively.”
Consolidating multiple tools to a single platform with an eClosing solution
Before implementing the Stavvy platform, Celebration Title had two standalone products to conduct the necessary aspects of an eClosing—remote online notarization (RON) and eSign. However, juggling multiple platforms created a fragmented, frustrating, and expensive experience for the business and its customers. Stavvy made it easy to perform eSign and RON on one platform, streamlining the closing process and generating a more desirable experience for everyone involved.
Tristan shares, “The consolidation and cost-savings were a big reason for us to switch to Stavvy. Stavvy provided a single platform for eSign domestically and internationally and remote notarization. Plus, conducting a digital closing with the Stavvy platform gave our closing specialists more time to prep and work on other transactions.”
Digitally closing seller-side and buyer-side cash transactions offers a superior experience
Attending an in-person real estate closing isn’t always convenient or possible for homeowners and homebuyers. Before RON, a mail-away closing or mobile notary was the only option for Celebration Title to service customers who may be far from the office or have limited availability.
Implementing the Stavvy platform enabled Celebration Title to conveniently close seller-side and buyer-side cash transactions online with RON, eSign, and eRecording. The closing team also leverages eSign to send updated settlement statements, closing disclosures (CDs), and ancillary documents that don’t require notarization to customers before closing to save time and provide a valuable service.
According to Tristian, having an eClosing option has saved Celebration Title’s customers who cannot or prefer not to attend an in-person closing $150-$200 in mobile notary fees. Additionally, eClosing transaction turnaround time with the Stavvy platform is more efficient than papering out a closing.
“By doing it all digitally, we don’t have to mail documents out, physically record a deed, or wait for documents to be mailed back to us from out of state or country. It’s a secure digital transaction, which is a really nice aspect for our customers and internal team. Once the closing documents are signed and notarized, the post-closing team receives the documents immediately and sends the appropriate documentation off for eRecording,” said Tristan Ali, Celebration Expert at Celebration Title
eClosing with the Stavvy platform offers a better and more seamless customer experience for Celebration Title. Closers can extend the company’s simple, celebratory closing experience from anywhere—an event they can’t reproduce with a third-party mobile notary.
Tristan shares that “when a mobile notary is involved, and a client has a question, they may not have the answer because they are not familiar with the transaction nor are they an employee of Celebration Title. When the customer opts for a digital closing, we can answer all of their questions and walk them through the closing process live on the Stavvy platform from start to finish. Customers generally feel more comfortable signing with one of our team members remotely than with a mobile notary that has no affiliation with our company.”
“People love that they don’t have to come into the office. Many people love how quick and easy it is, that they can still digitally see the documents and have me there explaining everything in real-time. Customers love the convenience of a digital closing with Stavvy,” shares Tristian.
Customer support like no other
No matter how reliable a technology provider is, product issues can still arise. As seasoned eClosing experts and a company that builds most of its internal systems, Celebration Title is no stranger to this concept. As a result, decision makers sought a compliant tool with an accessible customer support team, and the Stavvy platform fit the bill. As daily platform users, Tristan and his fellow closing specialists appreciate that if a problem arises, they can send a support email to Stavvy and contact their dedicated Customer Success Manager for help.
“Unlike our previous notarization and eSignature providers, Stavvy has immediate support services available to its customers. In the past, we’d report an issue to a generic support hotline and wait 3-4 days for a response. This isn’t particularly favorable for time-sensitive real estate closings,” says Tristian.