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LOS ANGELES, May 26, 2020 /PRNewswire/ — Brace, a best-in chic action accident acknowledgment belvedere for lenders and servicers, appear that the Consumer Banking Protection Bureau (Bureau) has accepted its appliance for a No-Action Letter Template accoutrement Brace’s avant-garde accident acknowledgment belvedere beneath the Bureau’s Policy on No-Action Letters.
The aggregation provides solutions for accident mitigation, which is what the mortgage-servicing industry refers to as the action area borrowers and their servicer assignment calm to abstain a foreclosure.
Brace works abaft the scenes as a white-labeled accident acknowledgment customer- and servicer-workflow automation platform. The company’s agenda borrower address packets advice servicers accumulate the advice and certificate acquisition action appliance automatic banking affiliation and able workflow. Brace’s belvedere again takes that borrower-provided information, servicer arrangement data, and proprietary broker waterfalls to bound and accurately abetment accident acknowledgment decisions while additionally ensuring servicers attach to the Real Estate Settlement Procedures Act (RESPA) timelines.
Because Brace’s agenda accident acknowledgment appliance is the aboriginal of its kind, Brace affianced the Bureau with account to the assertive accoutrement of RESPA and the Fair Debt Collection Practices Act (FDCPA). Mortgage servicers can now advantage Brace’s No-Action Letter Template to access a Bureau No-Action Letter that removes any ambiguity.
The United States is adverse addition abeyant apartment crisis and borrowers charge a way to digitally abide a appeal for abstinence and added accident acknowledgment outcomes. Before Brace, an all-embracing agenda advantage did not exist. Following a forbearance, mortgage servicers are appropriate to analysis borrowers for a abiding accident acknowledgment solution. In adjustment to complete that review, servicers may appeal banking advice and affidavit from borrowers. In a consistently alteration authoritative environment, it is arduous to aggregate all the all-important advice while additionally advancement acquiescence with RESPA requirements.
“An end-to-end accident acknowledgment belvedere which facilitates able advice amid borrowers and servicers is acute in this ambiance and we are beholden to the Bureau for arising the No-Action Letter Template in acknowledgment to our application,” said Eric Rachmel, CEO of Brace.
CFPB’s advertisement may be begin here: https://www.consumerfinance.gov/about-us/newsroom/cfpb-helps-struggling-homeowners-seeking-mitigation-efforts-consumers-seeking-small-dollar-loans/
Brace is developing a abounding apartment of agenda solutions to account non-performing mortgage loans. The Aggregation congenital the first-ever absolutely chip workflow automation software band-aid that streamlines behind mortgage servicing. Brace has aloft $15 actor in adventure capital, backed by Point72 Ventures and Crosslink Capital, amid others. To apprentice added about Brace, amuse appointment brace.ai.
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