Loss mitigation platform provider Brace says the Consumer Financial Protection Bureau (CFPB) has granted its application for a No-Action Letter Template, which covers the company’s solutions under the CFPB’s Policy on No-Action Letters.
Brace’s digital borrower solicitation packets help mortgage servicers streamline the information- and document-gathering process using automated financial integration and intelligent workflow. Brace’s platform then takes borrower-provided information, servicer system data,and proprietary investor waterfalls to accurately assist loss mitigation decisions while also ensuring servicers adhere to RESPA timelines.
“An end-to-end loss mitigation platform which facilitates efficient communication between borrowers and servicers is crucial in this environment, and we are grateful to the bureau for issuing the No-Action Letter Template in response to our application,” says Eric Rachmel, CEO of Brace.
Because Brace’s digital loss mitigation application is the first of its kind, the company engaged the CFPB with respect to certain provisions of RESPA and the Fair Debt Collection Practices Act. Mortgage servicers can now leverage Brace’s No-Action Letter Template to obtain a Bureau No-Action Letter that removes any ambiguity.