Mortgage servicing startup company Stavvy, has bought out its rival platform Brace as part of a strategic acquisition.
It is hoped that the move will see the FinTech company address a long-standing lack of efficiency across the mortgage servicing industry as a result of outdated technology.
The Boston-based organisation hopes the acquisition will solidify it as a leader in the sector, allowing them to provide a more dynamic and streamlined experience for their consumers.
Kosta Ligris, CEO and Founder of Stavvy said: “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.
“Our unified team of industry experts combined with research and investments in generative AI and customizable workflows positions Stavvy to independently reduce the need for antiquated mortgage processes, revolutionizing the experience for all stakeholders involved.”
Due to this acquisition, servicers and homeowners now have access to the skills and resources from the collective might and intellect of both companies. Stavvy, notably pioneered the first digital loan modification, whilst Brace offers an integrated servicing experience that supports the entire end-to-end loss-mitigation process.
It’s expected that this should give the organisaton a competitive advantage across the market, particularly due to its turbulence.
Eric Rachmel, CEO of Brace said: “Stavvy’s vision of streamlining real estate transactions aligns seamlessly with Brace’s unwavering dedication to tackle the inefficiencies and foster transparency within the mortgage industry.
“I am thrilled with the union of our companies and know we are set to empower homeowners, servicers, lenders, and investors with intuitive tools to optimize their mortgage assets.”
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