What makes you unique in the space? Brace is the first platform aimed at bringing the broader, end-to-end mortgage servicing suite into the 21st Century. Starting with loss mitigation, we’re building software to systematically replace the outmoded, largely paper-based, and legacy systems status quo. We’re building technology with frameworks that have only become available in the last few years — applying lessons from origination and drawing further expertise from well beyond the traditional confines of the mortgage industry.
What this has allowed us to do is something novel, but necessary: design a product that keeps in mind the interest of each stakeholder in the mortgage lifecycle — creating better borrower experiences, better servicing and compliance workflows, and better investor outcomes. And we can do all of this in a way that’s more cost-effective than traditional players.
What are you trying to disrupt? We are talking about an industry that hasn’t seen much technology innovation since the 1960s. When John F. Kennedy was president. When everything was done on paper. When there was no such thing as a computer that didn’t take up half a room. And what does mortgage servicing look like today? We have met so many good, hardworking people that are forced to put in place frankensteined solutions and workarounds to make these outdated systems work for specific business and compliance needs. It’s a lot of old wires, and no one knows where they go.
We’re empathetic to that. We understand that an $11 trillion dollar asset class is a boat that’s difficult to rock. It’s why the status quo has persisted for well over half a century. But it’s this status quo that we are already disrupting because we believe mortgage borrowers, servicers, and investors deserve a better experience — and the old excuses for not giving them one don’t cut it.
Over the last few years, we’ve seen a flurry of investment in innovation for loan origination, and we believe servicing is deserving of this same attention. In doing so, we can finally give borrowers a 21st Century digital experience, give servicers better margins, workflows, and efficiencies, and give investors higher visibility and returns.
And when we’re successful, this won’t be a disruption as much as it will be a paradigm shift. One where every stakeholder in the value chain benefits.