In 2020 the nation was thrown into a tailspin by the COVID-19 pandemic. Flagstar Bank, the sixth-largest subservicer in the U.S., saw the need to dramatically accelerate its plans to update its online loss mitigation platform to provide relief to homeowners. Flagstar was looking for a budget-friendly solution that could be stood up quickly.
“The key is the connectivity between Flagstar and Brace. It’s at all levels, and that’s what I like about it. It’s not just a couple of individuals, it has to be far deeper than that. It’s what strong partnerships are built on, and I think we have that between Brace and Flagstar.”
– Lee Smith, Executive Vice President and President of Mortgage at Flagstar.
Through the Flagstar Mortgage Tech Accelerator program, Flagstar turned to Brace to help provide creative digital solutions which would provide homeowners quick relief during a time of unprecedented volume. Their shared vision of an optimized online platform allowed Brace and Flagstar to connect on multiple levels. Brace’s adaptable, modular approach, allowed for a seamless and lightning-fast technology rollout customized to fit Flagstar’s needs.
Flagstar and Brace worked together to customize the Brace platform to support Flagstar’s requirements to dramatically decrease the time to process forbearance grants and loss mitigation applications. By providing homeowners with a more interactive and responsive experience, not only were they able to provide quick relief to thousands, they were able to improve operating efficiencies and reduce costs.
The updated default resolutions platform will serve as the foundation of an end-to-end, seamless loan servicing solution. Brace and Flagstar look to the future to provide a thoughtfully designed customer experience across all areas of performing and non-performing servicing.
“The Brace team is working hand in hand with the Flagstar team on improving the process and coming up with better solutions.”
– Derek Meadows, Director of Default Servicing at Flagstar.