Cloud-based solution drives real-time efficiency, bringing speed, insight, and confidence to homeowners and Servicers
LOS ANGELES (May 19, 2022)—Brace, the mortgage servicing infrastructure fintech, today launched its next-generation Default Management Platform featuring an end-to-end solution for both consumers and Servicers. As homeowners continue to face significant risks and challenges to get timely responses from their mortgage Servicers, it is a priority to establish live contact–especially for those who are struggling to make their mortgage payments after exiting COVID-19 hardship forbearances. Brace’s platform integrates live workflows, tasking, communications, and performance reporting into a single holistic environment that decisions the right loss mitigation result for each homeowner’s situation.
Brace’s Default Management Platform is the first of its kind in mortgage default servicing, replacing legacy systems and disparate technology with a connected infrastructure that unites each process and procedure within the loss mitigation chain. Brace’s consumer-enabled process starts with a guided mobile and desktop interface that provides consumers in need with 24/7 access to apply and monitor their application. Once the application is received, Servicers’ side workflow and tasks are automated, adjusting live to each progressive data point, increasing team productivity and Servicing margins. With each step of the process live reporting is provided to enable responsive team management and through audit trails.
“Transparent, live information and activities are at the core of all the capabilities we’ve baked into this unified solution,” said Robert Brueckmann, Vice President of Engineering at Brace. “The importance of providing information to everyone in a single source of truth cannot be emphasized enough, especially at a time when so many homeowners are distressed. The connectivity in our platform elevates efficiency and reduces risks in a way that has not yet been seen in our industry.”
Advances in digital infrastructure, such as the Brace platform, will also support Servicers in their onboarding of remote licensed professionals who are moving from a pullback in originations into servicing divisions. Brace’s platform has been designed to onboard and train team members in a compliant and efficient manner. The skill-based tasking system enables a new team member to build proficiency in individual tasks as they grow their skills capabilities without slowing the workflow down.
Brace’s Default Management Platform capabilities include: