Fintech Innovators Develop Tech Infrastructure to Support Mortgage Assistance Programs

Brace & Ocrolus form partnership to help mortgage servicers handle the impending loss mitigation tidal wave

Ocrolus, a leading fintech infrastructure company that transforms documents into actionable data with over 99% accuracy, announced a partnership with Brace, the developer of a best-in-class enterprise loss mitigation platform for mortgage lenders and servicers. Ocrolus is providing the document classification and data extraction engine for Brace’s revolutionary mortgage servicing platform.

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The companies have been working together this year to perfect a program that automates onboarding of bank statements, pay stubs and mortgage assistance applications (e.g. Form 710, which is required by Government Sponsored Entities (GSEs) Fannie Mae & Freddie Mac).

“Ocrolus meshes with our holistic approach to digitize and automate manual processes in default servicing,” explained Eric Rachmel, Founder & CEO of Brace. “The platform is especially timely as mortgage lenders and servicers are being inundated with requests from millions of Americans looking for mortgage payment relief.”

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As many as 30% of Americans with home loans — about 15 million households — could stop paying their mortgage due to the COVID-19 crisis, according to an estimate by Mark Zandi, chief economist for Moody’s Analytics. Under the new CARES Act, borrowers with a federally backed mortgage have the right to request a forbearance for up to 180 days. After the original 180-day forbearance expires, you can request another 180-day extension. Servicers will face an imposing workload when it comes time to manage the fallout from these forbearances.

“Mortgage servicers need to implement the technical infrastructure now to be in a position to help customers, manage operating expenses, and meet compliance mandates,” continued Eric Rachmel. “Our software streamlines customer messaging and documentation while reducing errors and accelerating the mitigation process, thereby increasing the efficiency of loss mitigation teams.”

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