Ocrolus has established a partnership with Brace, whereby Ocrolus will provide documentation classification and a data extraction engine for Brace’s mortgage servicing platform.
The companies have been working together to build a program that automates the on-boarding of bank statements, pay stubs and mortgage assistance applications. Brace works behind the scenes as a white-labeled loss mitigation customer- and servicer-workflow automation platform, giving servicers the ability to deploy digital borrower solicitation packets that automate information and document gathering based on intelligent workflow.
Brace’s platform uses borrower-provided information, servicer system data and proprietary investor waterfalls to accurately assist loss mitigation decisions.
“Ocrolus meshes with our holistic approach to digitize and automate manual processes in default servicing,” explains Eric Rachmel, founder and 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.
“Mortgage servicers need to implement the technical infrastructure now to be in a position to help customers, manage operating expenses, and meet compliance mandates,” Rachmel adds. “Our software streamlines customer messaging and documentation while reducing errors and accelerating the mitigation process, thereby increasing the efficiency of loss mitigation teams.”
“We are excited to be working with Brace on this critical service for the mortgage industry,” says Sam Bobley, CEO of Ocrolus. “Fintech solutions like Brace and Ocrolus make lenders and mortgage servicers more agile and better prepared to address challenging market conditions.”
The software is now available to mortgage servicers directly from Brace.
Photo: Brace’s Eric Rachmel