Product showcase: Brace’s loss mitigation platform

A key ingredient to making it work includes codified algorithms designed by the company to help improve workflow management and also understand and engage with homeowners in their situations.

The company bills its technology as the first of its kind in mortgage default servicing, something that can replace legacy systems and disparate technology with a connected infrastructure that unites each process and procedure within the loss mitigation chain.

Added features include a guided mobile and desktop interface that gives consumers 24-hour access to both apply and monitor their application. After an application is sent in, services side workflow and tasks are automated, the company said, adjusting live to each progressive data point. According to the company, this process is designed to boost team productivity and servicing margins. Live reporting is also provided for each step of the process so team management can be responsive, and it helps with audit trails.

The hardest area

According to Rachmel, dealing with homeowners who can no longer make payments is the hardest area of servicing, and there is a serious need to modernize the process.

Helping to make the system better improves the process for the bank or lender, the consumer and the loan investor, he noted.