Mortgage Servicing’s premier Default Management solution announces two successful compliance reviews.
LOS ANGELES (October 21, 2022) – Brace, the mortgage servicing infrastructure fintech, today announced that it has successfully completed Type ll Service Organization Control (SOC 2) recertification examination. The audit conducted by Prescient Assurance, LLC found that for the fourth year in a row the company continues to meet the standards for Security and Availability Trust Services Principles with zero exceptions.
SOC 2 reports are industry-recognized, independent audits that examine the implementation of security controls relevant to the confidentiality or privacy of sensitive data. The clean attestation for the Type II report demonstrates Brace’s ability to not only implement critical security policies but also proves compliance over an extended period of time.
“Having introduced to the market a platform designed to enhance mortgage compliance, we feel it is important that we lead by example,” said Rob Brueckmann, Vice President of Engineering at Brace. “This achievement validates the dedicated efforts made by our DevOps and security teams to ensure our systems are being operated efficiently and effectively. We are proud to provide Brace’s clients with the assurance that we are operating in the most secure environment possible and are providing the most rigorous controls for their customers.”
Brace also recently achieved waterfall validation from PHOENIX, the premier advisory firm for MSR and whole loan trading, mortgage services, and analytics. PHOENIX works directly with lenders, servicers, and cutting-edge technology to validate regulatory requirements and industry best practices through the application of specialized knowledge and highly experienced analysts. The well-respected advisor performed testing and validation of Brace’s Rules Engine, which provides rules-based workout decisions in real-time for FHA, VA, and USDA decisioning. With compliance at the forefront, the Brace Rules Engine has been approved to deliver real-time automated workouts, regulatory responsiveness, and investor transparency through a secure, auditable system.
“An independent peer verification from a trusted source is a vital step for mortgage servicing professionals”, said Jose Morin, Vice President of Servicing at Brace. “Servicers are trying to keep pace through an extraordinary period of heightened consumer needs. We’re at an important juncture given the increasing number of regulatory developments and a shift from origination to servicing not seen in over twenty years. This validation gives Servicers the extra confidence to better manage their business during such uncertain times.”
Ryan Lilly, Senior Vice President at PHOENIX stated, “PHOENIX has worked closely with Brace in evaluating streamlined loss mitigation workflows within their default servicing software to test decisioning, underwriting calculations, and workout logic. Phoenix will continue testing and evaluating critical controls and decisions within Brace’s platform and plans to validate key industry requirements throughout the default servicing workflow.”
Brace evolves the connected mortgage infrastructure for every stakeholder—consumers, servicers, lenders, and investors—to intuitively maximize assets and unlock financial performance for every home. Brace’s flagship product, the Default Management Platform, supports the end-to-end process for the decisioning of a loss mitigation application and digital mortgage servicing experience in a secure, compliant, and consumer-led environment. Brace’s customers include a number of the top ten largest U.S. mortgage servicers. Visit brace.ai to learn more.
PHOENIX’s Mortgage Services division delivers measurable oversight results to clients through a superior portfolio review, root cause, forensic analysis, and tactical strategic execution. Our constant pursuit of minimizing risk while optimizing ROI has helped us establish long-lasting connections across the mortgage sector. Using cutting-edge portfolio analytics, advisory services, servicing monitoring, due diligence and quality control, and many other facets of asset management, PHOENIX provides partners with complete, totally transparent access to their assets and the proactive management of those assets.