Cloud-based solution drives real-time efficiency, bringing speed, insight and confidence to homeowners and Servicers
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 decides 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:
Homeowner Engagement Portal—guides consumers through a fully customized online experience that helps them apply for and manage their loss mitigation options
Centralized Responsive Application—providing the single source of truth that any servicing team member or relevant homeowner can assess and edit simultaneously for fast, accurate data collection and decisioning
Tasking System—creates, ranks, and assigns tasks to different members of the Servicer team based on the application’s RESPA timeline and the skills (capability and productivity) of the team member. Removing the need for the Servicer team leaders to create or manage team task lists, increasing productivity and providing real-time transparency.
Rules Engine—real-time underwriting system that progressively evaluates and provides consistent and equitable decisioning of government-sponsored enterprise (GSE) and investor guidelines without dependency on paper or use of separate spreadsheets
Event-Driven Communications—multi-channel event-driven communications based on the status of the application and associated tasks that may require the consumer’s action. This feature increases the consumers’ engagement, driving them towards a completed application faster and reducing inbound calls to SPOCs.
Reporting—dashboards providing live data on how the broader portfolio under team management is performing; individual team member performance by task against RESPA timeline; rates used by investor type over time; and an audit trail of all activity on every action on every task and stage for every application managed via the Brace Platform