Digital Transformation

Articles

3 mins

A System That Doesn’t Sleep

Compliance is critical in the mortgage servicing industry. Yet, because it’s constantly evolving, staying compliant as a Servicer is tough. But, what if there was a technology that always stayed up to speed on the latest servicing guidelines? 

Guess what? The Brace Default Management platform does that. It’s also equipped with a  rules engine that instantly updates to every progressive edit in the loss mitigation file being worked—providing real-time outcomes customized to your organization’s waterfalls, at no extra cost. 

Seven to Ten Business Days is Now Seven to Ten Minutes

There’s no getting around it. One of the most frustrating parts of mortgage servicing for both consumers and Servicers is the inefficient back-and-forth of documents being sent via snail mail or facsimile. While there will always be a need for physical paper documentation, there is a way to scale back on it drastically.

Brace lets homeowners and Servicers stay engaged over the same platform 24/7, with the Brace rules engine constantly reevaluating data inputs from both parties and guiding the user to provide the most accurate information possible. For example, consumers impacted by natural disasters can quickly and accurately report their disaster, thanks to the FEMA geo-coding integration, which identifies their property address as in an impacted location.

Fully processing an early resolution application is always dependent on the homeowner submitting the necessary information. With Brace’s digital asset reporting capabilities, the homeowner’s required documentation can be uploaded to be processed by servicing specialists in minutes. No more sending, sorting, and scanning mail.

Some loss mitigation solutions require more information to formulate the best possible resolution plan for the homeowner. When a file status updates to conditionally eligible due to missing documentation by the Brace system and is confirmed, an email request for more documentation relevant to the conditional status is immediately sent to the homeowner.

Put Down the Servicing Guide and Back Away Slowly

The Brace platform isn’t replacing servicing guides. However, it is completely replacing the need for your team to dissect them into spreadsheets and reference them via job aid for every unique application.

On day one of implementation of the Brace platform, the logic residing in its rules engine is 100% customized to your regulatory needs—both organization-specific and published agency/insurer. 

What happens when things change, you ask? The Brace compliance team constantly scans for any guidelines changes and provides you with their recommendations to ensure you are kept compliant. Not only are they connected to your system’s waterfalls, but they’re also connected to your team and are available to solve any issues that might arise. 

Help Us Help You

Getting up to speed and staying compliant with servicing guidelines is exhausting work for default resolution teams. It’s one of the worst cliches, but time is money, and it couldn’t be more accurate in mortgage servicing. We’re compliant with all agency/insurer waterfalls and can quickly add custom rules to support other investors.

Having a single-tenant secure system that provides the most accurate solution instantly provides nothing but positives, the most critical one being; people keeping their homes. 

We understand that you still have questions. But, the fact that you do means you’re considering what’s best for your organization and those it serves. Contact us to find out how Brace can provide you with a fast, logic-based solution.