Unqork, the leader in enterprise no-code application development technology, and KPMG LLP, the audit, tax and advisory firm, are engaging with The Community Preservation Corporation (CPC), a leading nonprofit multifamily housing finance company, and its subsidiary CPC Mortgage Company LLC, to launch a Mortgage Forbearance and Loss Mitigation solution to support the unique needs of CPC’s more than 3,000 borrowers.
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“COVID-19 has created new challenges for the housing industry on a national scale. As millions of people have lost their jobs and ability to pay rent, many owners are struggling to maintain their buildings and pay their taxes, mortgages and other obligations,” said Rafael E. Cestero, President & CEO of CPC. “Our hope is that this platform will make the transition into forbearance easier for everyone, and eliminate some of the stress and difficulties in these trying times. The team at KPMG and Unqork allowed us to conceive of, and subsequently execute this offering in a time to market that we couldn’t find with other technologies.”
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“The need for institutions to react quickly has never been more important,” said Gary Hoberman, CEO & Founder of Unqork. “I’m exceptionally proud of the way CPC, KPMG, and Unqork came together to deliver an intuitive application that helps people easily transition to forbearance. In times like these it’s important that technology ‘just works’ and allows people to get back to their lives – and this application does just that.”
CPC services a portfolio of more than 3,000 loans on behalf of nearly two dozen public and private investor institutions. In light of the COVID-19 situation and surge in unemployment, CPC anticipated that some of their borrowers would experience a significant loss of rental income, and would need to have a platform in place to guide them through the forbearance application process. The new platform will manage submissions from their borrowers and the review, tracking and approval of requests by CPC’s asset managers and loan servicers.
